Emerson Real Estate AppralsalAdjusted Trial BalanceJune 30, 2016BalanceAccount TitleDebitCreditCash%244,200Accounts Recelvable5,500Office Supplies2,300Prepaid Insurance2,000Building73,000Accumulated Depreciation-Bullding$25,300Land13,400Accounts Payable19,500Interest Payable8,500Salaries Payable1,600Uneamed Revenue4,300Notes Payable (long-term)35,000Emerson, Capital41,500Emerson, Withdrawals27,600Service Revenue48,200Insurance Expense4,400Salaries Expense32,600Supplies Expense700Interest Expense8,500Utilities Expense2,400Depreciation Expense-Building7.300Total183,900 $183,90041.500 Read the requirements.Requirement 1. Prepare the company's income statement for the year ended June 30, 2016. (If a box is not used in the statement, leave the box empty; do not select a label or enter a zero. Useshow a net loss.)minus sign or parentheses toEmerson Real Estate AppraisalRequirementsIncome StatementYear Ended June 30, 20161. 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.This question has not been completed.

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Emerson Real Estate Appraisal Adjusted Trial Balance June 30, 2016 Balance Account Title Debit Credit Cash %24 4,200 Accounts Recelvable 5,500 Office Supplies 2,300 Prepaid Insurance 2,000 Building 73,000 Accumulated Depreciation-Building %24 25,300 Land 13,400 Accounts Payable 19,500 Interest Payable 8,500 Salaries Payable 1,600 Uneamed Revenue 4,300 Notes Payable (long-term) 35,000 Emerson, Capital 41,500 Emerson, Withdrawals 27,600 Service Revenue 48,200 Insurance Expense 4,400 Salarnes Expense 32,600 Supplies Expense 700 Interest Expense 8,500 Utlities Expense 2.400 Depreciation Expense-Building 7.300 Total 183,900 $ 183,900

Emerson Real Estate Appraisal Adjusted Trial Balance June 30, 2016 Balance Account Title Debit Credit Cash %24 4,200 Accounts Recelvable 5,500 Office Supplies 2,300 Prepaid Insurance 2,000 Building 73,000 Accumulated Depreciation-Building %24 25,300 Land 13,400 Accounts Payable 19,500 Interest Payable 8,500 Salaries Payable 1,600 Uneamed Revenue 4,300 Notes Payable (long-term) 35,000 Emerson, Capital 41,500 Emerson, Withdrawals 27,600 Service Revenue 48,200 Insurance Expense 4,400 Salarnes Expense 32,600 Supplies Expense 700 Interest Expense 8,500 Utlities Expense 2.400 Depreciation Expense-Building 7.300 Total 183,900 $ 183,900

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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Concept explainers

Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.

Topic Video

Question

Emerson Real Estate Appralsal
Adjusted Trial Balance
June 30, 2016
Balance
Account Title
Debit
Credit
Cash
%24
4,200
Accounts Recelvable
5,500
Office Supplies
2,300
Prepaid Insurance
2,000
Building
73,000
Accumulated Depreciation-Bullding
$
25,300
Land
13,400
Accounts Payable
19,500
Interest Payable
8,500
Salaries Payable
1,600
Uneamed Revenue
4,300
Notes Payable (long-term)
35,000
Emerson, Capital
41,500
Emerson, Withdrawals
27,600
Service Revenue
48,200
Insurance Expense
4,400
Salaries Expense
32,600
Supplies Expense
700
Interest Expense
8,500
Utilities Expense
2,400
Depreciation Expense-Building
7.300
Total
183,900 $
183,900
41.500

Read the requirements.
Requirement 1. Prepare the company's income statement for the year ended June 30, 2016. (If a box is not used in the statement, leave the box empty; do not select a label or enter a zero. Use
show a net loss.)
minus sign or parentheses to
Emerson Real Estate Appraisal
Requirements
Income Statement
Year Ended 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 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.
This question has not been completed.

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