Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1-)(30 pts.)The adjusted trial balance of Estella Real Estate Appraisal at June 30, 2016, follows: ESTELLA REAL ESTATE APPRAISAL Adjusted Trial Balance June 30,

image text in transcribed

1-)(30 pts.)The adjusted trial balance of Estella Real Estate Appraisal at June 30, 2016, follows: ESTELLA REAL ESTATE APPRAISAL Adjusted Trial Balance June 30, 2016 Balance Account Title Debit Credit Cash 4,600 Accounts Receivable 5,300 Office Supplies 1,500 Prepaid Insurance 1,600 Building 77,000 Accumulated Depreciation-Building $ 26,000 Land 13,500 19,300 Accounts Payable 8,400 Interest Payable 1,900 Salaries Payable Unearned Revenue 5,300 Notes Payable (long-term) 37,000 Estella, Capital 40,000 Estella, Withdrawals 27,200 48,900 Service Revenue Insurance Expense 4,300 Salaries Expense 33,000 Supplies Expense 200 Interest Expense 8,400 Utilities Expense 2,500 Depreciation Expense-Building 7,700 Total $186,800 $ 186,800 Requirements 1. Prepare the company's income statement for the year ended June 30, 2016. 2. Prepare the company's statement of owner's equity for the year ended June 30, 2016. 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, 2016. 4. Journalize the closing entries.

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_2

Step: 3

blur-text-image_3

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

Intermediate Accounting

Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield

13th Edition

9780470374948, 470423684, 470374942, 978-0470423684

More Books

Students also viewed these Accounting questions

Question

Contrast compensation and overcompensation in Adlers theory.

Answered: 1 week ago

Question

Treasury funding issues.

Answered: 1 week ago

Question

The purpose and structure of the treasury function.

Answered: 1 week ago

Question

Use of the yield curve by organisations.

Answered: 1 week ago