Financial Statements and Closing Entries Last Chance Company offers legal consulting advice to prison inmates. Last Chance prepared the end-of-period spreadsheet that follows at June 30, 20Y3, the end of the fiscal year. Last Chance Company End-of-Period Spreadsheet For the Year Ended June 30, 2013 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 5,100 5,100 Accounts Receivable 22,750 3,750 26,500 Prepaid Insurance 3,600 1,300 2,300 Supplies 2,025 1,500 525 80,000 80,000 340,000 Land Building Accum. Depr.-Building Equipment 340,000 190,000 3,000 193,000 140,000 140,000 Accum. Depr.-Equipment 54,450 4,550 59,000 Accounts Pavable 9.750 9.750 Accounts Payable Salaries & Wages Payable 9,750 9,750 1,900 1,900 Unearned Rent 4,500 3,000 1,500 Common Stock 90,000 90,000 Retained Earnings 271,300 271,300 Dividends 20,000 20,000 Fees Earned 280,000 3,750 283,750 Rent Revenue 3,000 3,000 145,100 1,900 147,000 Salaries & Wages Expense Advertising Expense Utilities Expense 86,800 86,800 30,000 Travel Expense 30,000 18,750 18,750 4,550 4,550 Depr. Exp.-Equipment Depr. Exp.-Building Supplies Expense 3,000 3,000 1,500 1,500 Insurance Expense 1,300 1,300 Misc. Expense 5,875 5,875 900,000 900,000 19,000 19,000 913,200 913,200 Required: 1. Prepare an income statement for the year ended June 30, 2013. Last Chance Company Income Statement For the Year Ended June 30, 2013 Revenues: Total revenues $ Expenses: Total expenses 2. Prepare a statement of stockholders' equity for the year ended June 30, 20Y3. During the year ended June 30, 203, additional common stock of $20,000 was issued. If an amount box does not require an entry, leave it blank. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Last Chance Company Statement of Stockholders' Equity For the Year Ended June 30, 2013 Common Stock Retained Earnings Total 00 3. Prepare a balance sheet as of June 30, 20Y3. Last Chance Company Balance Sheet June 30, 2013 Assets Current assets: Total current assets Property, plant, and equipment: Q000 DO Total property, plant, and equipment Total assets Liabilities Current liabilities: Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity 4. On the basis of the end-of-period spreadsheet, journalize the closing entries. If an amount box does not require an entry, leave it blank. 20Y3 Jun. 30 20Y3 Jun. 30 5. Prepare a post-closing trial balance. List the accounts as: Assets, Liabilities, Capital, Dividends, Revenue and Expenses. If an amount box does not require an entry, leave it blank. Last Chance Company Post-Closing Trial Balance June 30, 2013 Debit Balances Credit Balances Last Chance Company Post-Closing Trial Balance June 30, 20Y3 Debit Balances Credit Balances 1101 blubb010)