Concept explainers
Preparing financial statements including a classified
The adjusted trial balance of Elmo Real Estate Appraisal at June 30, 2016, follows:
Requirements
1. Prepare the company’s income statement for the year ended June 30, 2016.
2. Prepare the company’s statement of
3. Prepare the company's classified balance sheet in report form at June 30, 2016.
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, 2016.
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