June 30, 2016, follows.i Requirementshe yea1. 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.PrintDoneIs and then click Check Answer. BalanceDebitCreditAccount Title$4,200Cash5,500Accounts ReceivableOffice Supplies2,3002,000Prepaid InsuranceBuilding73,000%2425,300Accumulated Depreciation-BuildingLand13,40019,500Accounts Payable8,500Interest Payable1,600Salaries Payable4,300Unearned Revenue35,000Notes Payable (long-term)41,500Emerson, Capital27,600Emerson, Withdrawals48,200Service Revenue4,400Insurance ExpenseSalaries Expense32,600700Supplies ExpenseInterest Expense8,500Utilities Expense2,4007,300Depreciation Expense-Building%24183,900 $183,90041.500Totalheck Answer.

Income statement: It is one of the financial statements prepared by an organization. This statement…

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.

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

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