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Prepare the company's income statement for the year ended June 30, 2014

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Problems Group A;P4-27A Preparing financial statements including a classified balance sheet in;report form, preparing and posting closing entries, and preparing a;post-closing trial balance;The adjusted trial balance of Elias Real Estate Appraisal at June 30, 2014 follows;Learning Objectives 1, 3, 4;Net Loss $(8,700);Account Title;Cash Debit 4,900;Accounts Receivable Debit 5,300;Office Supplies Debit 2,400;Prepaid Insurance Debit 1,800;Building Debit 74,400;Accumulated Depreciation?Building Credit 26,700;Land Debit 13,600;Accounts Payable Credit 19,500;Interest Payable Credit 8,800;Salaries Payable Credit 2,200;Unearned Revenue Credit 1,300;Notes Payable (long-term) Credit 40,000;Elias, Capital Credit 40,500;Elias, Withdrawals Debit 27,900;Service Revenue Credit 48,200;Insurance Expense Debit 4,500;Salaries Expense Debit 33,300;Supplies Expense Debit 600;Interest Expense Debit 8,800;Utilities Expense Debit 2,200;Depreciation Expense?Building Debit 7,500;Total Debit 187,200 Credit 187,200;ELIAS REAL ESTATE APPRAISAL;Adjusted Trial Balance;June 30, 2014;Requirements;1. Prepare the company's income statement for the year ended June 30, 2014;2. Prepare the company's statement of owner's equity for the year ended June 30, 2014. Assume that there were no contributions made by the owner during the year.;3. Prepare the company's classified balance sheet in report form at June 30, 2014.;4. Journalize the closing entries.;5. Open the T-accounts using the balances from the adjusted trial balance and post;the closing entries to the T-accounts.;6. Prepare the company's post-closing trial balance at June 30, 2014.

 

Paper#24326 | Written in 18-Jul-2015

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