Question: Marsteller Properties Inc owns apartments that it rents to university

Marsteller Properties Inc. owns apartments that it rents to university students. At December 31, 2011, the following unadjusted account balances were available:
The following information is available for adjusting entries:
a. An analysis of apartment rental contracts indicates that $3,800 of apartment rent is unbilled and unrecorded at year-end.
b. A physical count of supplies reveals that $1,400 of supplies are on hand at December 31, 2011.
c. Annual depreciation on the buildings is $204,250
d. An examination of insurance policies indicates that $12,000 of the prepaid insurance applies to coverage for 2011.
e. Six months’ interest at 9 percent is unrecorded and unpaid on the notes payable.
f. Wages in the amount of $6,100 are unpaid and unrecorded at December 31.
g. Utilities costs of $300 are unrecorded and unpaid at December 31.
h. Income taxes of $5,738 are unrecorded and unpaid at December 31.
Required:
1. Prepare a worksheet for Marsteller Properties.
2. Prepare an income statement, a retained earnings statement, and a classified balance sheet for Marsteller Properties.
3. Prepare the closing entries.



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  • CreatedSeptember 22, 2015
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