The completed financial statement columns of the worksheet for Woods Company are shown below.
(a) Prepare an income statement, owner equity statement, and a classified balance sheet.
S. Woods made an additional investment in the business of $4,000 during 2010.
(b) Prepare the closing entries.
(c) Post the closing entries and rule and balance the accounts. Use T accounts. Income Summary is account No. 350.
(d) Prepare a post-closing trial balance.