P4-29A Preparing financial statements including a classified balance sheet in report form, preparing and posting closing entries, and preparing a post-closing trial balance The adiusted trial balance of Erickson Real Estate Appraisal at June 30, 2018 follows: ERICKSON REAL ESTATE APPRAISAL Adjusted Trial Balance June 30, 2018 Balance Debit Credit Account Title %24 4,600 Cash 5,300 Accounts Receivable Office Supplies 1,500 1,700 Prepaid Insurance Land 13,000 82,000 Building Accumulated Depreciation-Building $ 25,200 Accounts Payable 18,700 Interest Payable 8,500 Salaries Payable 2,400 Unearned Revenue 7,600 Notes Payable (long-term) 40,000 Common Stock 3,000 Retained Earnings 39,500 Dividends 27,300 Service Revenue 48,100 Insurance Expense 4,400 Salaries Expense 33,500 Supplies Expense 300 Interest Expense 8,500 Utilities Expense 2,700 Depreciation Expense-Building 8,200 Total $ 193,000 $ 193,000 Requirements 1. Prepare the company's income statement for the year ended June 30, 2018. 2. Prepare the company's statement of retained earnings for the year ended June 30, 2018. 3. Prepare the company's classified balance sheet in report form at June 30, 2018. 4. Journalize the

P4-29A Preparing financial statements including a classified balance sheet in report form, preparing and posting closing entries, and preparing a post-closing trial balance The adiusted trial balance of Erickson Real Estate Appraisal at June 30, 2018 follows: ERICKSON REAL ESTATE APPRAISAL Adjusted Trial Balance June 30, 2018 Balance Debit Credit Account Title %24 4,600 Cash 5,300 Accounts Receivable Office Supplies 1,500 1,700 Prepaid Insurance Land 13,000 82,000 Building Accumulated Depreciation-Building $ 25,200 Accounts Payable 18,700 Interest Payable 8,500 Salaries Payable 2,400 Unearned Revenue 7,600 Notes Payable (long-term) 40,000 Common Stock 3,000 Retained Earnings 39,500 Dividends 27,300 Service Revenue 48,100 Insurance Expense 4,400 Salaries Expense 33,500 Supplies Expense 300 Interest Expense 8,500 Utilities Expense 2,700 Depreciation Expense-Building 8,200 Total $ 193,000 $ 193,000 Requirements 1. Prepare the company's income statement for the year ended June 30, 2018. 2. Prepare the company's statement of retained earnings for the year ended June 30, 2018. 3. Prepare the company's classified balance sheet in report form at June 30, 2018. 4. Journalize the

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter1: Accounting And The Financial Statements

Section: Chapter Questions

Problem 60APSA: Problem 1-60A Income Statement and Balance Sheet The following information for Rogers Enterprises is...

See similar textbooks

Similar questions

Multiple-step income statement and report form of balance sheet The following selected accounts and their current balances appear in the ledger of Prescott Inc. for the fiscal year ended September 30. 20Y8: Instructions Briefly explain how multiple-step and single-step income statements differ.
Exercise 3-58 Preparing a Balance Sheet Refer to the unadjusted trial balance for Oxmoor Corporation in Exercise 3-56. Required: Prepare a classified balance sheet for Oxmoor at December 3 l , 2019.
Exercise 2-53 Preparing a Trial Balance Preparation The fo1lowing accounts and account balances are available for Badger Auto Parts at December 31, 2019: Required: Prepare a trial balance. Assume that all accounts have normal balances.
Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the year ended December 31, 20Y8. are as follows: a. Wages accrued but not paid at December 31. $2150 h. Depreciation of equipment during the year. $12500 c. Laundry supplies on hand at December 31. $1,500 d. Insurance premiums expired. $4600 Instructions 1. Using the following integrated financial statement framework, record each adjustment to the appropriate accounts, identifying each adjustment by its letter. After all adjustments are recorded, determine the balances.
From the following Company T adjusted trial balance, prepare the following: A. Income Statement B. Retained Earnings Statement C. Balance Sheet (simpleâ€”unclassified) D. Closing journal entries E. Post-Closing Trial Balance
Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the year ended December 31, 20Y8, are as follows: a. Wages accrued but not paid at December 31. $2150 b. Depreciation of equipment during the year. $12500 c. Laundry supplies on hand at December 31. $1,500 d. Insurance premiums expired. $4600 Instructions Prepare a classified balance sheet as of December 31, 20Y8.
Multiple-step income statement On March 31, 20Y5, the balances of the accounts appearing in the ledger of Lange Daughters Inc. are as follows: a. Prepare a multiple-step income Statement for the year ended March 31, 20Y5. b. Compare the major advantages and disadvantages of the multiple-step and single-step forms of income statements.
Cornerstone Exercise 3-27 Preparing and Analyzing Closing Entries Refer to the information for Sparrow Company on the previous page. Required: Prepare the closing entries for Sparrow at December 31, 2019. How does the closing process affect retained earnings?
Cornerstone Exercise 3-17 Accrued Revenue Adjusting Entries Powers Rental Service had the following items that require adjustment at year end. Earned $9,880 of revenue from the rental of equipment for which the customer had not yet paid. Interest of S650 on a note receivable has been earned but not yet received. Required: Prepare the adjusting entries needed at December 31. What is the effect on the financial statements if these adjusting entries are not made?
Problem 1-60A Income Statement and Balance Sheet The following information for Rogers Enterprises is available at December 31, 2019 and includes all of Rogers financial statement amounts except retained earnings: Required: Prepare a single-step income statement and a c1assified balance sheet for the year ending December 31, 2019, for Rogers.
Balance Sheet The following is a list (in random order) of KIP International Products Companys December 31, 2019, balance sheet accounts: Required: 1. Prepare a properly classified balance sheet according to U.S. GAAP for KIP as of December 31, 2019. 2. Assume instead that KIP uses IFRS. Prepare its balance sheet as of December 31, 2019.
For each of the following accounts, identify in which section of the classified balance sheet it would be presented: current assets, property, intangibles, other assets, current liabilities, long-term liabilities, or stockholders equity. A. Building B. Cash C. Common Stock D. Copyright E. Prepaid Advertising F. Notes Payable (due six months later) G. Taxes Payable H. Unearned Rent Revenue