1. 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 ended June 30, 2016. Assume that there were no coniributions made by the owner during the year. 3. Prepare the company's classified balance sheet in report form at June 30, 2016. 4. Journalize the closing entries. 5. T-accounts have been opened using the balances from the adjusted trial balance. Post the closing entries to the T-accounts. 6. Prepare the company's post-closing trial balance at June 30, 2016.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question
June 30, 2016, follows.
i Requirements
he yea
1. 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 ended
June 30, 2016. 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, 2016.
4. Journalize the closing entries.
5. T-accounts have been opened using the balances from the adjusted trial
balance. Post the closing entries to the T-accounts.
6. Prepare the company's post-closing trial balance at June 30, 2016.
Print
Done
Is and then click Check Answer.
Transcribed Image Text:June 30, 2016, follows. i Requirements he yea 1. 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 ended June 30, 2016. 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, 2016. 4. Journalize the closing entries. 5. T-accounts have been opened using the balances from the adjusted trial balance. Post the closing entries to the T-accounts. 6. Prepare the company's post-closing trial balance at June 30, 2016. Print Done Is and then click Check Answer.
Balance
Debit
Credit
Account Title
$
4,200
Cash
5,500
Accounts Receivable
Office Supplies
2,300
2,000
Prepaid Insurance
Building
73,000
%24
25,300
Accumulated Depreciation-Building
Land
13,400
19,500
Accounts Payable
8,500
Interest Payable
1,600
Salaries Payable
4,300
Unearned Revenue
35,000
Notes Payable (long-term)
41,500
Emerson, Capital
27,600
Emerson, Withdrawals
48,200
Service Revenue
4,400
Insurance Expense
Salaries Expense
32,600
700
Supplies Expense
Interest Expense
8,500
Utilities Expense
2,400
7,300
Depreciation Expense-Building
%24
183,900 $
183,900
41.500
Total
heck Answer.
Transcribed Image Text:Balance Debit Credit Account Title $ 4,200 Cash 5,500 Accounts Receivable Office Supplies 2,300 2,000 Prepaid Insurance Building 73,000 %24 25,300 Accumulated Depreciation-Building Land 13,400 19,500 Accounts Payable 8,500 Interest Payable 1,600 Salaries Payable 4,300 Unearned Revenue 35,000 Notes Payable (long-term) 41,500 Emerson, Capital 27,600 Emerson, Withdrawals 48,200 Service Revenue 4,400 Insurance Expense Salaries Expense 32,600 700 Supplies Expense Interest Expense 8,500 Utilities Expense 2,400 7,300 Depreciation Expense-Building %24 183,900 $ 183,900 41.500 Total heck Answer.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

Blurred answer
Knowledge Booster
Completing the Accounting Cycle
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education