Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Net Loss $(6,600) The adjusted trial balance of Rocket Real Estate Appraisal at June 30, 2018, follows: ROCKET REAL ESTATE APPRAISAL Adjusted Trial Balance

image text in transcribedimage text in transcribed

1. Net Loss $(6,600) The adjusted trial balance of Rocket Real Estate Appraisal at June 30, 2018, follows: ROCKET REAL ESTATE APPRAISAL Adjusted Trial Balance June 30, 2018 Balance Account Title Debit Credit Cash $ 5,000 Accounts Receivable 5,500 Office Supplies 1,600 Prepaid Insurance 1,700 Land 12,800 Building 71,000 Accumulated Depreciation-Building $ 25,200 Accounts Payable 18,700 Interest Payable 8,000 Salaries Payable 2,100 Unearned Revenue 1,000 Notes Payable (long-term) 37,000 Common Stock 5,000 Retained Earnings 33,000 Dividends 25,800 Service Revenue 48,100 Insurance Expense 4,100 Salaries Expense 32,000 Supplies Expense 600 Interest Expense 8,000 Utilities Expense 2,900 Depreciation Expense-Building 7,100 Total $ 178,100 S 178,100 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 30, 2018. 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Tools for business decision making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

6th Edition

978-1119191674, 047053477X, 111919167X, 978-0470534779

More Books

Students also viewed these Accounting questions

Question

1. The next area, Now we will turn to, or The second step is.

Answered: 1 week ago