Problems Group A P4-27A 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 Elias Real Estate Appraisal at June 30, 2014 follows: Learning Objectives 1, 3, 4 Net Loss $(8,700) Account Title Cash Debit 4,900 Accounts Receivable Debit 5,300 Office Supplies Debit 2,400 Prepaid Insurance Debit 1,800 Building Debit 74,400 Accumulated Depreciation?Building Credit 26,700 Land Debit 13,600 Accounts Payable Credit 19,500 Interest Payable Credit 8,800 Salaries Payable Credit 2,200 Unearned Revenue Credit 1,300 Notes Payable (long-term) Credit 40,000 Elias, Capital Credit 40,500 Elias, Withdrawals Debit 27,900 Service Revenue Credit 48,200 Insurance Expense Debit 4,500 Salaries Expense Debit 33,300 Supplies Expense Debit 600 Interest Expense Debit 8,800 Utilities Expense Debit 2,200 Depreciation Expense?Building Debit 7,500 Total Debit 187,200 Credit 187,200 ELIAS REAL ESTATE APPRAISAL Adjusted Trial Balance June 30, 2014 Requirements 1. Prepare the company's income statement for the year ended June 30, 2014 2. Prepare the company's statement of owner's equity for the year ended June 30, 2014. Assume that there were no contributions made by the owner during the year. 3. Prepare the company's classified balance sheet in report form at June 30, 2014. 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, 2014.

ELIAS REAL ESTATE APPRAISAL Income Statement Year Ended June 30, 2014 Revenues: Service Revenue Expenses: Salaries Expense Interest Expense Depreciation ExpenseBuilding Insurance Expense Utilities Expense Supplies Expense Total Expenses Net Loss - ELIAS REAL ESTATE APPRAISAL Statement of Owner's Equity Year Ended June 30, 2014 Elias, Capital, July 1, 2013 Owner contribution Net loss for the year Owner withdrawal Elias, Capital, June 30, 2014 - ELIAS REAL ESTATE APPRAISAL Balance Sheet June 30, 2014 Assets Current Assets: Cash Accounts Receivable Office Supplies Prepaid Insurance Total Current Assets Plant Assets: Building Less: Accumulated DepreciationBuilding Land Total Plant Assets Total Assets - - Liabilities Current Liabilities: Accounts Payable Interest Payable Salaries Payable Unearned Revenue Total Current Liabilities Long-term Liabilities: Notes Payable Total Liabilities - Owner's Equity Elias, Capital Total Liabilities and Owner's Equity - Date Jun. 30 30 30 30 Accounts and Explanation Debit Credit Available accounts for journal entries: Service Revenue Income Summary Income Summary Insurance Expense Salaries Expense Supplies Expense Interest Expense Utilities Expense Depreciation ExpenseBuilding Elias, Capital Income Summary Elias, Capital Elias, Withdrawals Bal. Cash 4,900 Bal. Bal. Bal. Elias, Withdrawals 27,900 Bal. Accounts Receivable 5,300 19,500 Income Summary Clos. Bal. - Bal. Bal. Bal. Bal. Prepaid Insurance 1,800 Bal. Salaries Payable 2,200 Bal. Bal. Building 74,400 Bal. Bal. Bal. Insurance Expense 4,500 Unearned Revenue 1,300 Salaries Expense 33,300 1,300 Clos. Bal. Bal. Bal. Bal. Bal. Bal. Bal. Notes Payable - Accumulated DepreciationBuilding 26,700 Bal. 40,000 Supplies Expense 600 Bal. 40,000 Bal. 40,500 Bal. Clos. Elias, Capital Bal. Bal. Land 13,600 Bal. Bal. Interest Expense 8,800 - - Depreciation ExpenseBuilding Bal. 7,500 Clos. Bal. Bal. Clos. Bal. Clos. Bal. Clos. Bal. Utilities Expense 2,200 Bal. Clos. Clos. Bal. Service Revenue 48,200 Office Supplies 2,400 Interest Payable 8,800 Bal. Bal. - Bal. Bal. Accounts Payable Clos. Clos. Clos. Bal. Clos. - ELIAS REAL ESTATE APPRAISAL Post-Closing Trial Balance June 30, 2014 Account Title Cash Accounts Receivable Office Supplies Prepaid Insurance Building Accumulated DepreciationBuilding Land Accounts Payable Interest Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Elias, Capital Total Balance Debit Credit $0 $0