Roman Company was established a few years ago. The company operates all over the beautiful Pacific...

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Roman Company was established a few years ago. The company operates all over the beautiful Pacific Northwest. Roman Company has just completed its current accounting period for the year. Roman Company has provided the following unadjusted trial balance at its June 30 current fiscal year-end. The credit balance of the T. Roman, Capital account was $52,400 on June 30 of the prior year, and the owner invested $21,000 cash during the current fiscal year. ROMAN COMPANY Unadjusted Trial Balance June 30 Number 101 Account Title Cash 126 Supplies 128 Prepaid insurance 167 168 201 Equipment Accumulated depreciation-Equipment Accounts payable Debit $ 16,000 7,000 6,000 139,560 Credit $ 29,000 5,200 203 Interest payable 0 208 Rent payable 0 210 Wages payable 0 213 Property taxes payable 0 251 Long-term notes payable 24,000 301 T. Roman, Capital 73,400 302 T. Roman, Withdrawals 29,000 403 Construction revenue 140,000 612 Depreciation expense-Equipment 0 623 Wages expense 48,000 633 Interest expense 2,640 637 Insurance expense 0 640 Rent expense 13,000 652 Supplies expense 0 683 Property taxes expense 4,800 684 Repairs expense 2,000 690 Utilities expense 3,600 Totals $ 271,600 $ 271,600 Adjustments: a. A physical count shows that supplies available at the end of the current fiscal year total $2,520. b. The cost of expired insurance for the current fiscal year is $3,780. c. Annual depreciation on equipment is $9,000. d. June utilities expense of $530 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $530 amount owed must be recorded. e. Employees have earned $1,000 of accrued and unpaid wages at fiscal year-end. f. Rent expense incurred and not yet paid or recorded at fiscal year-end is $100. g. Additional property taxes of $900 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end. h. $240 of accrued interest for June has not yet been paid or recorded. Required: A. Prepare the income statement for the year ended June 30. Roman Company was established a few years ago. The company operates all over the beautiful Pacific Northwest. Roman Company has just completed its current accounting period for the year. Roman Company has provided the following unadjusted trial balance at its June 30 current fiscal year-end. The credit balance of the T. Roman, Capital account was $52,400 on June 30 of the prior year, and the owner invested $21,000 cash during the current fiscal year. ROMAN COMPANY Unadjusted Trial Balance June 30 Number 101 Account Title Cash 126 Supplies 128 Prepaid insurance 167 168 201 Equipment Accumulated depreciation-Equipment Accounts payable Debit $ 16,000 7,000 6,000 139,560 Credit $ 29,000 5,200 203 Interest payable 0 208 Rent payable 0 210 Wages payable 0 213 Property taxes payable 0 251 Long-term notes payable 24,000 301 T. Roman, Capital 73,400 302 T. Roman, Withdrawals 29,000 403 Construction revenue 140,000 612 Depreciation expense-Equipment 0 623 Wages expense 48,000 633 Interest expense 2,640 637 Insurance expense 0 640 Rent expense 13,000 652 Supplies expense 0 683 Property taxes expense 4,800 684 Repairs expense 2,000 690 Utilities expense 3,600 Totals $ 271,600 $ 271,600 Adjustments: a. A physical count shows that supplies available at the end of the current fiscal year total $2,520. b. The cost of expired insurance for the current fiscal year is $3,780. c. Annual depreciation on equipment is $9,000. d. June utilities expense of $530 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $530 amount owed must be recorded. e. Employees have earned $1,000 of accrued and unpaid wages at fiscal year-end. f. Rent expense incurred and not yet paid or recorded at fiscal year-end is $100. g. Additional property taxes of $900 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end. h. $240 of accrued interest for June has not yet been paid or recorded. Required: A. Prepare the income statement for the year ended June 30.

Answer rating: 100% (QA)

To prepare the Income Statement for Roman Company for the year ended June 30 we need to consider the ... View the full answer