Florida Time-Share Property Management Company Trial Balance December 31, 2012 Account Title Cash Prepaid Rent Prepaid Insurance Supplies on Hand Office Equipment Accumulated Depreciation- Office Equipment Automobiles Accumulated Depreciation- Automobiles Accounts Payable Unearned Management Fees Capital Stock Retained Earnings, January 1, 2012 Dividends Commissions Revenue Management Fee Revenue Salaries Expense Advertising Expense Gas & Oil Expense Miscellaneous Expense Total Debit ($) 424,000 28,800 7,680 2,400 24,000 64,000 28,000 199,840 2,400 14,240 1,600 796,960 Adjustment Data: 1. Insurance expense for the year, $3,840. 2. Rent expense for the year, $19,200. 3. Depreciation expense- Office equipment, $2,880, and Automobiles, $12,800. 4. Salaried earned but unpaid at December 31, $26,640. Credit ($) 5,760 16,000 2,880 12,480 360,000

120,640 260,000 19,200 796,960 5. Supplies on hand at December 31, $1,000. 6. The unearned management fees were received and recorded on November 1, 2012. The advance payment covered six months management of an apartment building.

2. The following trial balance and the additional data are for Florida Time- Share Property Management Company. Florida Time-Share Property Management Company Trial Balance Adjustment Data: 1. Insurance expense for the year, $3,840. 2. Rent expense for the year, $19,200. 3. Depreciation expense- Office equipment, $2,880, and Automobiles, $12,800. 4. Salaried earned but unpaid at December 31, \$26,640. 5. Supplies on hand at December 31,$1,000. 6. The unearned management fees were received and recorded on November 1, 2012. The advance payment covered six months management of an apartment building. Instructions: i. Prepare \& complete the worksheet. ii. Prepare Income Statement and Balance Sheet as of December 31, 2012