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Last Chance Company offers legal consulting advice to prison inmates. Last Chance Company prepared the end-of-period spreadsheet that follows at June 30, 2016, the end of the fiscal year. Instructions 1. Prepare an income statement for the year ended June 30. 2. Prepare a statement of owner’s equity for the year ended June 30. No additional investments were made during the year. 3. Prepare a balance sheet as of June 30. 4. On the basis of the end-of-period spreadsheet, journalize the closing entries. 5. Prepare a post-closing trial balance.

BuyFind

Financial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781305088436
BuyFind

Financial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781305088436

Solutions

Chapter
Section
Chapter 4, Problem 1PB
Textbook Problem

Last Chance Company offers legal consulting advice to prison inmates. Last Chance Company prepared the end-of-period spreadsheet that follows at June 30, 2016, the end of the fiscal year.

Instructions

  1. 1. Prepare an income statement for the year ended June 30.
  2. 2. Prepare a statement of owner’s equity for the year ended June 30. No additional investments were made during the year.
  3. 3. Prepare a balance sheet as of June 30.
  4. 4. On the basis of the end-of-period spreadsheet, journalize the closing entries.
  5. 5. Prepare a post-closing trial balance.

Chapter 4, Problem 1PB, Last Chance Company offers legal consulting advice to prison inmates. Last Chance Company prepared

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Chapter 4 Solutions

Financial Accounting
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