The adjusted trial balance of Emest Real Estate Appraisal at June 30, 2024, follows: (Click the icon to view the adjusted trial balance.) Read the requirements Requirement 1. Prepare the company's income statement for the year ended June 30, 2024. (If a box is not used in the statement, leave the box empty, do not select a label or enter a zero. Use a minus sign or parentheses to show a net loss.) Ernest Real Estate Appraisal Income Statement Year Ended June 30, 2024 Office Supplies Net Income (Li Expenses: Revenues: ♥ Total Assets Total Expenses Total Liabilities Total Liabilities and Owner's Equity 4 Data table Account Title Cash Accounts Receivable Office Supplies Skice Prepaid Insurance Land - sabing Accumulated Depreciation Building Accums Accounts Payable Accouns Interest Payable Salaries Payable Unearned Revenue Ernest Real Estate Appraisal Adjusted Trial Balance June 30, 2024 Notes Payable (long-term) Howes rayaan! Ernest, Capital Ernest, Withdrawals Service Revenue Insurance Expense Salaries Expense Supplies Expense Interest Expense Utilities Expense Depreciation Expense-Building Total S $ Debit Balance 4,100 4,900 2,700 1.500 13,100 $1,000 27,400 4,200 31,800 800 8,800 2,500 8,100 $ 190,900 $ Credit 26,900 20,200 8,800 1,800 6,000 39,000 39,000 49,200 190,900
The adjusted trial balance of Emest Real Estate Appraisal at June 30, 2024, follows: (Click the icon to view the adjusted trial balance.) Read the requirements Requirement 1. Prepare the company's income statement for the year ended June 30, 2024. (If a box is not used in the statement, leave the box empty, do not select a label or enter a zero. Use a minus sign or parentheses to show a net loss.) Ernest Real Estate Appraisal Income Statement Year Ended June 30, 2024 Office Supplies Net Income (Li Expenses: Revenues: ♥ Total Assets Total Expenses Total Liabilities Total Liabilities and Owner's Equity 4 Data table Account Title Cash Accounts Receivable Office Supplies Skice Prepaid Insurance Land - sabing Accumulated Depreciation Building Accums Accounts Payable Accouns Interest Payable Salaries Payable Unearned Revenue Ernest Real Estate Appraisal Adjusted Trial Balance June 30, 2024 Notes Payable (long-term) Howes rayaan! Ernest, Capital Ernest, Withdrawals Service Revenue Insurance Expense Salaries Expense Supplies Expense Interest Expense Utilities Expense Depreciation Expense-Building Total S $ Debit Balance 4,100 4,900 2,700 1.500 13,100 $1,000 27,400 4,200 31,800 800 8,800 2,500 8,100 $ 190,900 $ Credit 26,900 20,200 8,800 1,800 6,000 39,000 39,000 49,200 190,900
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![The adjusted trial balance of Ernest Real Estate Appraisal at June 30, 2024, follows:
(Click the icon to view the adjusted trial balance.)
Read the requirements.
Requirement 1. Prepare the company's income statement for the year ended June 30, 2024. (If a box is not used in the statement, leave the box empty; do not select a label or enter a zero. Use a minus sign or parentheses to show a net loss.)
Ernest Real Estate Appraisal
Income Statement
Year Ended June 30, 2024
Office Supplies
Net Income (Lc
Expenses:
Revenues:
C
Total Assets
Total Expenses
Total Liabilities
Total Liabilities and Owner's Equity
Data table
Account Title
Cash
Accounts Receivable
Office Supplies
Prepaid Insurance
Land
Ernest Real Estate Appraisal
Adjusted Trial Balance
June 30, 2024
Building
Accumulated Depreciation-Building
Accounts Payable
Interest Payable
Salaries Payable
Unearned Revenue
Notes Payable (long-term)
Ernest, Capital
Ernest, Withdrawals
Service Revenue
Insurance Expense
Salaries Expense
Supplies Expense
Interest Expense
Utilities Expense
Depreciation Expense-Building
Total
Print
S
$
Debit
Done
Balance
4,100
4,900
2,700
1,500
13,100
81,000
27,400
$
4,200
31,800
800
8,800
2,500
8,100
190,900 $
Credit
26,900
20,200
8,800
1,800
6,000
39,000
39,000
49,200
190,900
X](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa38b1750-4836-4d47-bfc9-b05e81f0daae%2F821f31f6-3a92-4ad3-b59a-160f8ad5be87%2Fpvresxu_processed.png&w=3840&q=75)
Transcribed Image Text:The adjusted trial balance of Ernest Real Estate Appraisal at June 30, 2024, follows:
(Click the icon to view the adjusted trial balance.)
Read the requirements.
Requirement 1. Prepare the company's income statement for the year ended June 30, 2024. (If a box is not used in the statement, leave the box empty; do not select a label or enter a zero. Use a minus sign or parentheses to show a net loss.)
Ernest Real Estate Appraisal
Income Statement
Year Ended June 30, 2024
Office Supplies
Net Income (Lc
Expenses:
Revenues:
C
Total Assets
Total Expenses
Total Liabilities
Total Liabilities and Owner's Equity
Data table
Account Title
Cash
Accounts Receivable
Office Supplies
Prepaid Insurance
Land
Ernest Real Estate Appraisal
Adjusted Trial Balance
June 30, 2024
Building
Accumulated Depreciation-Building
Accounts Payable
Interest Payable
Salaries Payable
Unearned Revenue
Notes Payable (long-term)
Ernest, Capital
Ernest, Withdrawals
Service Revenue
Insurance Expense
Salaries Expense
Supplies Expense
Interest Expense
Utilities Expense
Depreciation Expense-Building
Total
Print
S
$
Debit
Done
Balance
4,100
4,900
2,700
1,500
13,100
81,000
27,400
$
4,200
31,800
800
8,800
2,500
8,100
190,900 $
Credit
26,900
20,200
8,800
1,800
6,000
39,000
39,000
49,200
190,900
X
![Ewan Insurance Agency started the year with a beginning Ewan, Capital balance of $29,500. During the year, Ewan Insurance Agency earned
$41,000 of Service Revenue and incurred $21,000 of various expenses. Ewan withdrew $16,000 from the business. After the closing entries
are recorded and posted, what will be the balance of Ewan, Capital?
Post the beginning balance and closing entry amounts to the Capital account. Use a "Bal." posting reference to show the beginning and ending
balance of the Capital account. Use a "Clos." posting reference to show the amounts that are posted while closing the books. The revenue and
expense amounts should be combined into one closing entry for net income (like you are closing the Income Summary account).
Ewan, Capital
Bal.
Clos.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa38b1750-4836-4d47-bfc9-b05e81f0daae%2F821f31f6-3a92-4ad3-b59a-160f8ad5be87%2Fyo14s8e_processed.png&w=3840&q=75)
Transcribed Image Text:Ewan Insurance Agency started the year with a beginning Ewan, Capital balance of $29,500. During the year, Ewan Insurance Agency earned
$41,000 of Service Revenue and incurred $21,000 of various expenses. Ewan withdrew $16,000 from the business. After the closing entries
are recorded and posted, what will be the balance of Ewan, Capital?
Post the beginning balance and closing entry amounts to the Capital account. Use a "Bal." posting reference to show the beginning and ending
balance of the Capital account. Use a "Clos." posting reference to show the amounts that are posted while closing the books. The revenue and
expense amounts should be combined into one closing entry for net income (like you are closing the Income Summary account).
Ewan, Capital
Bal.
Clos.
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