P4-28A Preparing financial statements including a classified balance sheet in report form, preparing and posting closing...

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P4-28A 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 Elmo Real Estate Appraisal at June 30, 2016, follows: ELMO REAL ESTATE APPRAISAL Adjusted Trial Balance June 30, 2016 Balance Account Title Debit Credit Cash $ 4,900 Accounts Receivable 4,800 Office Supplies 2,700 Prepaid Insurance 1,900 Building 79,000 Accumulated Depreciation-Building $ 26,600 Land 12,600 Accounts Payable 19,300 Interest Payable 8,300 Salaries Payable 1,700 Unearned Revenue 800 Notes Payable (long-term) 42,000 Common Stock 6,000 Retained Earnings 37,000 Dividends 27,100 Service Revenue 48,400 Insurance Expense 4,000 Salaries Expense 33,900 Supplies Expense 200 Interest Expense 8,300 Utilities Expense 2,800 7,900 S 190,100 Depreciation Expense-Building Total S 190,100 Requirements 1. Prepare the company's income statement for the year ended June 30, 2016. 2. Prepare the company's statement of retained earnings for the year ended June 30, 2016. 3. Prepare the company's dassified balance sheet in report form at June 30, 2016. 4. Journalize the closing entries. 5. Open the T-accounts using the balances from the adjusted trial balance, and post the dosing entries to the T-accounts. 6. Prepare the company's post-closing trial balance at June 30, 2016. P4-28A 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 Elmo Real Estate Appraisal at June 30, 2016, follows: ELMO REAL ESTATE APPRAISAL Adjusted Trial Balance June 30, 2016 Balance Account Title Debit Credit Cash $ 4,900 Accounts Receivable 4,800 Office Supplies 2,700 Prepaid Insurance 1,900 Building 79,000 Accumulated Depreciation-Building $ 26,600 Land 12,600 Accounts Payable 19,300 Interest Payable 8,300 Salaries Payable 1,700 Unearned Revenue 800 Notes Payable (long-term) 42,000 Common Stock 6,000 Retained Earnings 37,000 Dividends 27,100 Service Revenue 48,400 Insurance Expense 4,000 Salaries Expense 33,900 Supplies Expense 200 Interest Expense 8,300 Utilities Expense 2,800 7,900 S 190,100 Depreciation Expense-Building Total S 190,100 Requirements 1. Prepare the company's income statement for the year ended June 30, 2016. 2. Prepare the company's statement of retained earnings for the year ended June 30, 2016. 3. Prepare the company's dassified balance sheet in report form at June 30, 2016. 4. Journalize the closing entries. 5. Open the T-accounts using the balances from the adjusted trial balance, and post the dosing entries to the T-accounts. 6. Prepare the company's post-closing trial balance at June 30, 2016.

Answer rating: 100% (QA)

1 Preparing Income Statement FLMO REAL ESTATE APPRAISAL Income Statement For the Year Ended June 30 2016 Accounts Title Amount Amount Service Revenue 48400 Less Expenses Insurance Expense 4000 Salarie... View the full answer