Problem: The adjusted trial balance columns of the work sheet for Boss Nass Company, owned by Boss Nass, are as follows.
Instructions:
(a) Complete the work sheet by extending the balances to the financial statement columns.
(b) Prepare an income statement, a retained earnings statement, and a classified balance sheet.
(Note: $10,000 of the notes payable become due in 2003.)
(c) Prepare the closing entries. Use J14 for the journal page.
(d) Post the closing entries. Use the three-column form of account. Income Summary is account No. 350.
(e) Prepare a post-closing trial balance.