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Preparing financial statements including a classified balance sheet in report form, preparing and posting closing entries, and preparing a post-closing trial balance The adjusted trial balance of...

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Preparing financial statements including a classified balance sheet in report form, preparing and posting closing entries, and preparing a post-closing trial balance

The adjusted trial balance of Erickson Real Estate Appraisal at June 30, 2018, follows:

Requirements

  1. Prepare the company’s income statement for the year ended June 30, 2018.
  2. Prepare the company’s statement of retained earnings for the year ended June XXXXXXXXXX.
  3. Prepare the company’s classified balance sheet in report form at June 30, 2018.
  4. Journalize the closing entries.
  5. Open the T-accounts using the balances from the adjusted trial balance, and post the closing entries to the T-accounts.
  6. Prepare the company’s post-closing trial balance at June 30, 2018.
ERICKSON REAL ESTATE APPRAISAL Adjusted Trial Balance June 30, 2018 Balance Account Title Debit Credit Cash $ 4,600 Accounts Receivable 5,300 Office Supplies 1,500 Prepaid Insurance 1,700 Land 13,000 Building 82,000 Accumulated Depreciation-Building $ 25,200 Accounts Payable 18,700 Interest Payable 8,500 Salaries Payable 2,400 Unearned Revenue 7,600 Notes Payable (long-term) 40,000 Common Stock 3,000 Retained Earnings 39,500 Dividends 27,300 Service Revenue 48,100 Insurance Expense 4,400 Salaries Expense 33,500 Supplies Expense 300 Interest Expense 8,500 Utilities Expense 2,700 Depreciation Expense-Building 8,200 Total $ 193,000 $ 193,000
Extracted text: ERICKSON REAL ESTATE APPRAISAL Adjusted Trial Balance June 30, 2018 Balance Account Title Debit Credit Cash $ 4,600 Accounts Receivable 5,300 Office Supplies 1,500 Prepaid Insurance 1,700 Land 13,000 Building 82,000 Accumulated Depreciation-Building $ 25,200 Accounts Payable 18,700 Interest Payable 8,500 Salaries Payable 2,400 Unearned Revenue 7,600 Notes Payable (long-term) 40,000 Common Stock 3,000 Retained Earnings 39,500 Dividends 27,300 Service Revenue 48,100 Insurance Expense 4,400 Salaries Expense 33,500 Supplies Expense 300 Interest Expense 8,500 Utilities Expense 2,700 Depreciation Expense-Building 8,200 Total $ 193,000 $ 193,000
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Answered 106 days After Jun 02, 2022

Solution

Khushboo answered on Sep 16 2022
73 Votes
Income statement
        Erickson Real Estate Apparisal
        Income statement
        For the year ended June 30, 2018
        Service revenue        48,100
        Expenses
        Salaries expenses    33,500
        Insurance expenses    4,400
        Interest expense    8,500
        Supplies expense    300
        Utilities expense    2,700
        Depreciation expense- Building    8,200
        Total expenses        57,600
        Net profit/ (loss)        (9,500)
SOCE
        Erickson Real Estate Apparisal
        Statement of Stockholder's equity
        For the year ended June 30, 2018
            Common stock    Retained earnings    Total stockholder's equity
        Balance at Jul 1    3000    39500    42500
        Net income         -9500    -9500
        Less: Dividends        -27300    -27300
        Bal at Dec 31    3000    2700    5700
Balance sheet
        Erickson Real Estate Apparisal
        Balance Sheet
        As at June 30, 2018
        Assets        Liabilities
        Cu
ent assets        Cu
ent liabilities
        Cash    4,600    Accounts payable    18,700
        Accounts receivables    5,300    Salaries payable    2,400
        Supplies    1,500    Interest payable    8,500
        Prepaid insurance    1,700    Unearned revenue    7,600
        Total cu
ent assets    13,100    Total cu
ent...
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