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Goode Company

Worksheet Partial
For the Month Ended April 30, 2008

Adjusted Trial Balance Income Statement

Account Titles Dr. Cr. Dr. Cr.


Cash 13,752
Accounts Receivable 7,840
Prepaid Rent 2,280
Equipment 23,050
Accumulated Depreciation 4,921
Notes Payable 5,700
Accounts Payable 5,672
Common Stock 25,000
Retained Earnings 5,960
Dividends 3,650
Service Revenue 15,590 15,590
Salaries Expense 10,840 10,840
Rent Expense 760 760
Depreciation Expense 671 671
Interest Expense 57 57
Interest Payable 57
Totals neo 62,900 62,900 12,328 15,590
Net Income 3,262
Totals 15,590 15,590

Instructions
Complete the worksheet

E4-3 Worksheet data for Goode Company are presented in E4-2. No common stock was issued
during April

Instructions
Prepare an income statement, a retained earnings statement, and a classified balance sheet.

E4-4 Worksheet data for Goode Company are presented in E4-2.


Instructions
(a) Journalize the closing entries at April 30.
(b) Post the closing entries to Income Summary and Retained Earnings. Use T accounts.
(c) Prepare a post-closing trial balance at April 30.
Balance Sheet

Dr. Cr.
13,752
7,840
2,280
23,050
4,921
5,700
5,672
25,000
5,960
3,650

57
50,572 47,310
3,262
50,572 50,572
Goode Company Goode Company
Income Statement Balance Sheet
For the Month Ended April 30, 2008 April 30, 2008

Revenues: Assets:
Service Revenue 15,590 Current Assets
Cash
Expenses: Accounts Receivable
Salaries Expense 10,840 Prepaid Rent
Rent Expense 760 Total Current Assets
Depreciation Expense 671 Noncurrent Assets
ne Interest Expense 57 Equipment
Total Expenses 12,328 Accumulated Depreciation
Nonurrent Assets
Net Income 3,262 Total Assets

Liabiities:
Current Liabilities
Goode Company Accounts Payable
Statement of Retained Earnings Notes Payable
For the Month Ended April 30, 2008 Interest Payable
Total Liabilities
Retained Earnings, beg 5,960 Stockholders' Equity:
Add: Net Income 3,262 Common Stock
Total 9,222 Retained Earnings
Less: Dividends (3,650) Total Stockholders' Equity
Retained Earnings,end 5,572 Total Liabilities and Stockholders' Equity
e Company
nce Sheet
l 30, 2008

13,752
7,840
2,280

23,050
(4,921)
18,129
42,001

5,672
5,700
57
11,429

25,000
5,572
30,572
ders' Equity 42,001
a Service Revenue 15,590 b Retaied Earnings
Income Summary 15,590 3,650 5,960
3,262
Income Summary 12,328 3,650 9,222
Salaries Expense 10,840 5,572
Rent Expense 760
Depreciation Expense 671
Interest Expense 57

Income Summary 3,262


Retained Earnings 3,262

Retained Earnings 3,650


Dividends 3,650

c Goode Company
Post Closing Trial Balance
April 30, 2008

Cash 13,752
Accounts Receivable 7,840
Prepaid Rent 2,280
Equipment 23,050
Accumulated Depreciation 4,921
neo Accounts Payable 5,672
Notes Payable 5,700
Interest Payable 57
Common Stock 25,000
Retained Earnings 5,572
Total 46,922 46,922
Income Summary
12,328 15,590
3,262
15,590 15,590
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