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, 2013, the end of the fiscal year. Last Chance Company End-of-Period Spreadsheet For the Year Ended June 30, 20Y3 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 Land 80,000 80,000 Building 340,000 340,000 Accum. Depr.- Building 190,000 3,000 193,000 140,000 140,000 54,450 4,550 59,000 Equipment Accum. Depr.-Equipment Accounts Payable Salaries & Wages Payable 9,750 9,750 1,900 1,900 Unearned Rent 4,500 3,000 1,500 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 86,800 86,800 30,000 30,000 Utilities Expense Travel Expense 18,750 18,750 Depr. Exp.-Equipment 4,550 4,550 3,000 3,000 Depr. Exp.-Building Supplies Expense 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 2. Prepare a statement of stockholders' equity for the year ended June 30, 20Y3. During the year ended June 30, 2043, 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, 20Y3 Common Stock Retained Earnings Balances, July 1, 20Y2V 70,000 Total 271,300 341,300 Issued common stock 20,000 20,000 Net loss -12,025 -12,025 Dividends -20,000 -20,000 Balances, June 30, 2013 ta 90,000 239,275 329,275 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, 2013, the end of the fiscal year. Last Chance Company End-of-Period Spreadsheet For the Year Ended June 30, 20Y3 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 Land 80,000 80,000 Building 340,000 340,000 Accum. Depr.- Building 190,000 3,000 193,000 140,000 140,000 54,450 4,550 59,000 Equipment Accum. Depr.-Equipment Accounts Payable Salaries & Wages Payable 9,750 9,750 1,900 1,900 Unearned Rent 4,500 3,000 1,500 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 86,800 86,800 30,000 30,000 Utilities Expense Travel Expense 18,750 18,750 Depr. Exp.-Equipment 4,550 4,550 3,000 3,000 Depr. Exp.-Building Supplies Expense 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 2. Prepare a statement of stockholders' equity for the year ended June 30, 20Y3. During the year ended June 30, 2043, 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, 20Y3 Common Stock Retained Earnings Balances, July 1, 20Y2V 70,000 Total 271,300 341,300 Issued common stock 20,000 20,000 Net loss -12,025 -12,025 Dividends -20,000 -20,000 Balances, June 30, 2013 ta 90,000 239,275 329,275