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Property, plant and Equipment           I submitted a screen shot of the problem, I cannot get the income statement to balance for the below problem. I have attached my work below the  screen shot of the problem. Prepare an income statement for the year ended December 31. Prepare a statement of owner’s equity for the year ended December 31. No additional investments were made during the year. Prepare a balance sheet as of December 31. Based upon the end-of-period spreadsheet, journalize the closing entries. Prepare a post-closing trial balance.

Property, plant and Equipment           I submitted a screen shot of the problem, I cannot get the income statement to balance for the below problem. I have attached my work below the  screen shot of the problem. Prepare an income statement for the year ended December 31. Prepare a statement of owner’s equity for the year ended December 31. No additional investments were made during the year. Prepare a balance sheet as of December 31. Based upon the end-of-period spreadsheet, journalize the closing entries. Prepare a post-closing trial balance.

FINANCIAL ACCOUNTING
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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Property, plant and Equipment          

I submitted a screen shot of the problem, I cannot get the income statement to balance for the below problem. I have attached my work below the  screen shot of the problem.

  1. Prepare an income statement for the year ended December 31.
  2. Prepare a statement of owner’s equity for the year ended December 31. No additional investments were made during the year.
  3. Prepare a balance sheet as of December 31.
  4. Based upon the end-of-period spreadsheet, journalize the closing entries.
  5. Prepare a post-closing trial balance.
AutoSave Accounting 10.29.20 Saved to my Mac OFF Home Insert Draw Page Layout Formulas Data Review View Acrobat Tell me A Share Comments Calibri (Body) A A E Conditional Formatting v A Insert v 12 General Format as Table v $× Delete v A $ v % 9 Editing Ideas Create and Share Adobe PDF Paste I U .00 Cell Styles v Format v Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? Yes No X) Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. Check for Updates АЗО V fx Capital, December 31, 20Y1 A В C E F G H J K M N Q R Capital, December 31, 27 20Υ1 28 $ 655,880 29 Outreach Signals Company Income Statement 30 For the Month Ended December 31, 20Y1 31 Assets Liabilities 32 Current Assets 33 Cash 34 Accounts Receiveable 35 Current Liabilities Accounts payable Salaries payable 20,500 2$ 24,700 83,500 2$ 7,700 Supplies $ 1,160 Total Liabilities 32,400 36 Total current assets 37 $ 105,160 38 Property, plant and Equipment 39 Office Equipment 40 2$ 192,000 Owners Equity Less Accumulated 41 (7,100) Capital Depreciation $ 655,880 42 Total Property, plant and Total Liabilities and equipment owners equity 43 Land $ 154,300 Building $ 787,000 44 Less Accumulated (14,200) Depreciation 45 $ 1,112,000 $1,154,600 46 Total Assets 47 $1,259,760 $ 688,280 48 49 50 51 CASH 4.2A T ACCOUNTS FAHAD ALI Journalizing T Accounts ALI Unadust Trial Balance ignore ignore again Sheet1 Sheet2 + 95%
Transcribed Image Text:AutoSave Accounting 10.29.20 Saved to my Mac OFF Home Insert Draw Page Layout Formulas Data Review View Acrobat Tell me A Share Comments Calibri (Body) A A E Conditional Formatting v A Insert v 12 General Format as Table v $× Delete v A $ v % 9 Editing Ideas Create and Share Adobe PDF Paste I U .00 Cell Styles v Format v Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? Yes No X) Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. Check for Updates АЗО V fx Capital, December 31, 20Y1 A В C E F G H J K M N Q R Capital, December 31, 27 20Υ1 28 $ 655,880 29 Outreach Signals Company Income Statement 30 For the Month Ended December 31, 20Y1 31 Assets Liabilities 32 Current Assets 33 Cash 34 Accounts Receiveable 35 Current Liabilities Accounts payable Salaries payable 20,500 2$ 24,700 83,500 2$ 7,700 Supplies $ 1,160 Total Liabilities 32,400 36 Total current assets 37 $ 105,160 38 Property, plant and Equipment 39 Office Equipment 40 2$ 192,000 Owners Equity Less Accumulated 41 (7,100) Capital Depreciation $ 655,880 42 Total Property, plant and Total Liabilities and equipment owners equity 43 Land $ 154,300 Building $ 787,000 44 Less Accumulated (14,200) Depreciation 45 $ 1,112,000 $1,154,600 46 Total Assets 47 $1,259,760 $ 688,280 48 49 50 51 CASH 4.2A T ACCOUNTS FAHAD ALI Journalizing T Accounts ALI Unadust Trial Balance ignore ignore again Sheet1 Sheet2 + 95%
Firefox File Edit View History Bookmarks Тools Window Help 28% O Sun 7:46 AM 33° Coi X G scree е Ассou ъ Му Qu assets FE Intang Conter Busine P Priceli Notari Parent O Cocok https:/ EB Reviev JFK EMAI E) → C mo https://nu.blackboard.com/ultra/courses/_134869_1/cl/outline ... https://lo bwilliams Julianna1 Student I A B Outreach Signals Company End-of-Period Spreadsheet For the Year Ended December 31, 20Y1 Unadjusted Trial Balance 1 Penn Stat baw5768 Azureacre Penn Stat Outlook n Adjusted Trial Balance 4 Adjustments 6 Account Title Dr. Cr. Dr. Cr. Dr. Cr. 7 20,500 63,800 6,600 4,700 154,300 787,000 20,500 83,500 1,900 1,160 154,300 787,000 8 Cash 9 Accounts Receivable 10 Prepaid Insurance 11 Supplies 12 Land 13 Building 14 Accum. Depr.–Building 15 Equipment 16 Accum. Depr.Equipment 17 Accounts Payable 18 Salaries and Wages Payable 19 Unearned Rent 20 Inez Villanueva, Capital 21 Inez Villanueva, Drawing 22 Fees Earned 23 Rent Revenue 24 Salaries and Wages Expense 25 Advertising Expense 26 Utilities Expense 27 Depr. Exp.–Building 28 Repairs Expense 29 Depr. Exp.-Equipment 30 Insurance Expense 31 Supplies Expense 32 Misc. Expense CSU EAST Your NetI Julianna1 (a) 19,700 (b) 4,700| (c) 3,540 402,000 |(d)14,200 416,200 192,000 192,000 (e) 7,100 164,700 24,700 7,700 1,300 375,000 157,600 24,700 |(f) 7,700 3,300 (g) 2,000 | 375,000 16,000 16,000 631,700 2,000 612,000 (a)19,700 (g) 2,000| |(0) 7,700 256,820 34,200 17,900 264,520 34,200 17,900 14,200 13,930 7,100 4,700 3,540 6,850 58,940 1,623,300 1,623,300 (d) 14,200 13,930 (e) 7,100 |(b) 4,700 (c) 3,540 6,850 1,574,600 1,574,600 33 58,940 34 29 圖 区 ①
Transcribed Image Text:Firefox File Edit View History Bookmarks Тools Window Help 28% O Sun 7:46 AM 33° Coi X G scree е Ассou ъ Му Qu assets FE Intang Conter Busine P Priceli Notari Parent O Cocok https:/ EB Reviev JFK EMAI E) → C mo https://nu.blackboard.com/ultra/courses/_134869_1/cl/outline ... https://lo bwilliams Julianna1 Student I A B Outreach Signals Company End-of-Period Spreadsheet For the Year Ended December 31, 20Y1 Unadjusted Trial Balance 1 Penn Stat baw5768 Azureacre Penn Stat Outlook n Adjusted Trial Balance 4 Adjustments 6 Account Title Dr. Cr. Dr. Cr. Dr. Cr. 7 20,500 63,800 6,600 4,700 154,300 787,000 20,500 83,500 1,900 1,160 154,300 787,000 8 Cash 9 Accounts Receivable 10 Prepaid Insurance 11 Supplies 12 Land 13 Building 14 Accum. Depr.–Building 15 Equipment 16 Accum. Depr.Equipment 17 Accounts Payable 18 Salaries and Wages Payable 19 Unearned Rent 20 Inez Villanueva, Capital 21 Inez Villanueva, Drawing 22 Fees Earned 23 Rent Revenue 24 Salaries and Wages Expense 25 Advertising Expense 26 Utilities Expense 27 Depr. Exp.–Building 28 Repairs Expense 29 Depr. Exp.-Equipment 30 Insurance Expense 31 Supplies Expense 32 Misc. Expense CSU EAST Your NetI Julianna1 (a) 19,700 (b) 4,700| (c) 3,540 402,000 |(d)14,200 416,200 192,000 192,000 (e) 7,100 164,700 24,700 7,700 1,300 375,000 157,600 24,700 |(f) 7,700 3,300 (g) 2,000 | 375,000 16,000 16,000 631,700 2,000 612,000 (a)19,700 (g) 2,000| |(0) 7,700 256,820 34,200 17,900 264,520 34,200 17,900 14,200 13,930 7,100 4,700 3,540 6,850 58,940 1,623,300 1,623,300 (d) 14,200 13,930 (e) 7,100 |(b) 4,700 (c) 3,540 6,850 1,574,600 1,574,600 33 58,940 34 29 圖 区 ①
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