Emerson Real Estate AppralsalAdjusted Trial BalanceJune 30, 2016BalanceAccount TitleDebitCreditCash%244,200Accounts Recelvable5,500Office Supplies2,300Prepaid Insurance2,000Building73,000Accumulated Depreciation-Bullding$25,300Land13,400Accounts Payable19,500Interest Payable8,500Salaries Payable1,600Uneamed Revenue4,300Notes Payable (long-term)35,000Emerson, Capital41,500Emerson, Withdrawals27,600Service Revenue48,200Insurance Expense4,400Salaries Expense32,600Supplies Expense700Interest Expense8,500Utilities Expense2,400Depreciation Expense-Building7.300Total183,900 $183,90041.500 Read the requirements.Requirement 1. Prepare the company's income statement for the year ended June 30, 2016. (If a box is not used in the statement, leave the box empty; do not select a label or enter a zero. Useshow a net loss.)minus sign or parentheses toEmerson Real Estate AppraisalRequirementsIncome StatementYear Ended June 30, 20161. Prepare the company's income statement for the year ended June 30, 2016.2. Prepare the company's statement of owner's equity for the year endedJune 30, 2016. Assume that there were no contributions made by the ownerduring the year.3. Prepare the company's classified balance sheet in report form atJune 30, 2016.4. Journalize the closing entries.5. T-accounts have been opened using the balances from the adjusted trialbalance. Post the closing entries to the T-accounts.6. Prepare the company's post-closing trial balance at June 30, 2016.This question has not been completed.

Name: Emerson Real Estate AppralsalAdjusted Trial BalanceJune 30, 2016Balan
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Description: Emerson Real Estate AppralsalAdjusted Trial BalanceJune 30, 2016BalanceAccount TitleDebitCreditCash%244,200Accounts Recelvable5,500Office Supplies2,300Prepaid Insurance2,000Building73,000Accumulated Depreciation-Bullding$25,300Land13,400Accounts Pay

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Emerson Real Estate Appraisal Adjusted Trial Balance June 30, 2016 Balance Account Title Debit Credit Cash %24 4,200 Accounts Recelvable 5,500 Office Supplies 2,300 Prepaid Insurance 2,000 Building 73,000 Accumulated Depreciation-Building %24 25,300 Land 13,400 Accounts Payable 19,500 Interest Payable 8,500 Salaries Payable 1,600 Uneamed Revenue 4,300 Notes Payable (long-term) 35,000 Emerson, Capital 41,500 Emerson, Withdrawals 27,600 Service Revenue 48,200 Insurance Expense 4,400 Salarnes Expense 32,600 Supplies Expense 700 Interest Expense 8,500 Utlities Expense 2.400 Depreciation Expense-Building 7.300 Total 183,900 $ 183,900

Emerson Real Estate Appraisal Adjusted Trial Balance June 30, 2016 Balance Account Title Debit Credit Cash %24 4,200 Accounts Recelvable 5,500 Office Supplies 2,300 Prepaid Insurance 2,000 Building 73,000 Accumulated Depreciation-Building %24 25,300 Land 13,400 Accounts Payable 19,500 Interest Payable 8,500 Salaries Payable 1,600 Uneamed Revenue 4,300 Notes Payable (long-term) 35,000 Emerson, Capital 41,500 Emerson, Withdrawals 27,600 Service Revenue 48,200 Insurance Expense 4,400 Salarnes Expense 32,600 Supplies Expense 700 Interest Expense 8,500 Utlities Expense 2.400 Depreciation Expense-Building 7.300 Total 183,900 $ 183,900

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 4MCQ

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