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The adjusted trial balance of Elaine Real Estate Appraisal at June 30, 2025, follows: View the adjusted trial balance. Read the requirements. Requirement 1. Prepare the company's income statement for the year ended June 30, 2025. (If an input field is not used in the statement, leave the input field empty; do not select a label or enter a zero. Use a minus sign or parentheses to show a net loss.) Question Viewer Elaine Real Estate Appraisal Income Statement Year Ended June 30, 2025 Requirements - ☑ Net Income (Loss) 1. Prepare the company's income statement for the year ended June 30, 2025. 2. Prepare the company's statement of owner's equity for the year ended June 30, 2025. Assume there were no owner contributions made during the year. 3. Prepare the company's classified balance sheet in report form at June 30, 2025. 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, 2025. Print Done Elaine Real Estate Appraisal Adjusted Trial Balance June 30, 2025 Balance Account Title Debit Credit Cash $ 4,400 Accounts Receivable 5,500 Supplies 2,000 Prepaid Insurance 2,600 Land 13,500 Building 77,000 Accumulated Depreciation-Building $ 26,500 Accounts Payable 19,600 Interest Payable 8,800 Salaries Payable 2,800 Unearned Revenue 2,200 Notes Payable (long-term) 35,000 West, Capital 43,000 West, Withdrawals 27,100 Service Revenue 49,200 Insurance Expense 4,800 Salaries Expense 30,800 Supplies Expense 400 Interest Expense 8,800 Utilities Expense 2,500 7,700 Depreciation Expense-Building $ 187,100 $ 187,100 Total

The adjusted trial balance of Elaine Real Estate Appraisal at June 30, 2025, follows: View the adjusted trial balance. Read the requirements. Requirement 1. Prepare the company's income statement for the year ended June 30, 2025. (If an input field is not used in the statement, leave the input field empty; do not select a label or enter a zero. Use a minus sign or parentheses to show a net loss.) Question Viewer Elaine Real Estate Appraisal Income Statement Year Ended June 30, 2025 Requirements - ☑ Net Income (Loss) 1. Prepare the company's income statement for the year ended June 30, 2025. 2. Prepare the company's statement of owner's equity for the year ended June 30, 2025. Assume there were no owner contributions made during the year. 3. Prepare the company's classified balance sheet in report form at June 30, 2025. 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, 2025. Print Done Elaine Real Estate Appraisal Adjusted Trial Balance June 30, 2025 Balance Account Title Debit Credit Cash $ 4,400 Accounts Receivable 5,500 Supplies 2,000 Prepaid Insurance 2,600 Land 13,500 Building 77,000 Accumulated Depreciation-Building $ 26,500 Accounts Payable 19,600 Interest Payable 8,800 Salaries Payable 2,800 Unearned Revenue 2,200 Notes Payable (long-term) 35,000 West, Capital 43,000 West, Withdrawals 27,100 Service Revenue 49,200 Insurance Expense 4,800 Salaries Expense 30,800 Supplies Expense 400 Interest Expense 8,800 Utilities Expense 2,500 7,700 Depreciation Expense-Building $ 187,100 $ 187,100 Total

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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The adjusted trial balance of Elaine Real Estate Appraisal at June 30, 2025, follows: View the adjusted trial balance. Read the requirements. Requirement 1. Prepare the company's income statement for the year ended June 30, 2025. (If an input field is not used in the statement, leave the input field empty; do not select a label or enter a zero. Use a minus sign or parentheses to show a net loss.) Question Viewer Elaine Real Estate Appraisal Income Statement Year Ended June 30, 2025 Requirements - ☑ Net Income (Loss) 1. Prepare the company's income statement for the year ended June 30, 2025. 2. Prepare the company's statement of owner's equity for the year ended June 30, 2025. Assume there were no owner contributions made during the year. 3. Prepare the company's classified balance sheet in report form at June 30, 2025. 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, 2025. Print Done
Transcribed Image Text:The adjusted trial balance of Elaine Real Estate Appraisal at June 30, 2025, follows: View the adjusted trial balance. Read the requirements. Requirement 1. Prepare the company's income statement for the year ended June 30, 2025. (If an input field is not used in the statement, leave the input field empty; do not select a label or enter a zero. Use a minus sign or parentheses to show a net loss.) Question Viewer Elaine Real Estate Appraisal Income Statement Year Ended June 30, 2025 Requirements - ☑ Net Income (Loss) 1. Prepare the company's income statement for the year ended June 30, 2025. 2. Prepare the company's statement of owner's equity for the year ended June 30, 2025. Assume there were no owner contributions made during the year. 3. Prepare the company's classified balance sheet in report form at June 30, 2025. 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, 2025. Print Done
Elaine Real Estate Appraisal Adjusted Trial Balance June 30, 2025 Balance Account Title Debit Credit Cash $ 4,400 Accounts Receivable 5,500 Supplies 2,000 Prepaid Insurance 2,600 Land 13,500 Building 77,000 Accumulated Depreciation-Building $ 26,500 Accounts Payable 19,600 Interest Payable 8,800 Salaries Payable 2,800 Unearned Revenue 2,200 Notes Payable (long-term) 35,000 West, Capital 43,000 West, Withdrawals 27,100 Service Revenue 49,200 Insurance Expense 4,800 Salaries Expense 30,800 Supplies Expense 400 Interest Expense 8,800 Utilities Expense 2,500 7,700 Depreciation Expense-Building $ 187,100 $ 187,100 Total
Transcribed Image Text:Elaine Real Estate Appraisal Adjusted Trial Balance June 30, 2025 Balance Account Title Debit Credit Cash $ 4,400 Accounts Receivable 5,500 Supplies 2,000 Prepaid Insurance 2,600 Land 13,500 Building 77,000 Accumulated Depreciation-Building $ 26,500 Accounts Payable 19,600 Interest Payable 8,800 Salaries Payable 2,800 Unearned Revenue 2,200 Notes Payable (long-term) 35,000 West, Capital 43,000 West, Withdrawals 27,100 Service Revenue 49,200 Insurance Expense 4,800 Salaries Expense 30,800 Supplies Expense 400 Interest Expense 8,800 Utilities Expense 2,500 7,700 Depreciation Expense-Building $ 187,100 $ 187,100 Total
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