Question
Help me fill out these accounts. Financial Statements and Closing Entries Last Chance Company offers legal consulting advice to prison inmates. Last Chance Company prepared
Help me fill out these accounts.
Financial Statements and Closing Entries
Last Chance Company offers legal consulting advice to prison inmates. Last Chance Company prepared the end-of-period spreadsheet that follows at June 30, 20Y1, the end of the fiscal year:
Last Chance Company | ||||||||
End-of-Period Spreadsheet | ||||||||
For the Year Ended June 30, 20Y1 | ||||||||
Unadjusted | Adjusted | |||||||
Trial Balance | Adjustments | Trial Balance | ||||||
Account Title | Dr. | Cr. | Dr. | Cr. | Dr. | Cr. | ||
Cash | 5,100 | 5,100 | ||||||
Accounts Receivable | 22,750 | (a) | 3,750 | 26,500 | ||||
Prepaid Insurance | 3,600 | (b) | 1,300 | 2,300 | ||||
Supplies | 2,025 | (c) | 1,500 | 525 | ||||
Land | 80,000 | 80,000 | ||||||
Building | 340,000 | 340,000 | ||||||
Accum. Depr.Building | 190,000 | (d) | 3,000 | 193,000 | ||||
Equipment | 140,000 | 140,000 | ||||||
Accum. Depr.Equipment | 54,450 | (e) | 4,550 | 59,000 | ||||
Accounts Payable | 9,750 | 9,750 | ||||||
Salaries and Wages Payable | (f) | 1,900 | 1,900 | |||||
Unearned Rent | 4,500 | (g) | 3,000 | 1,500 | ||||
Tami Garrigan, Capital | 361,300 | 361,300 | ||||||
Tami Garrigan, Drawing | 20,000 | 20,000 | ||||||
Fees Earned | 280,000 | (a) | 3,750 | 283,750 | ||||
Rent Revenue | (g) | 3,000 | 3,000 | |||||
Salaries and Wages Expense | 145,100 | (f) | 1,900 | 147,000 | ||||
Advertising Expense | 86,800 | 86,800 | ||||||
Utilities Expense | 30,000 | 30,000 | ||||||
Travel Expense | 18,750 | 18,750 | ||||||
Depr. Exp.Equipment | (e) | 4,550 | 4,550 | |||||
Depr. Exp.Building | (d) | 3,000 | 3,000 | |||||
Supplies Expense | (c) | 1,500 | 1,500 | |||||
Insurance Expense | (b) | 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.
Last Chance Company | ||
Income Statement | ||
For the Year Ended June 30, 20Y1 | ||
Revenues: | ||
$fill in the blank 962cf4014fabff4_2 | ||
fill in the blank 962cf4014fabff4_4 | ||
Total revenues | $fill in the blank 962cf4014fabff4_5 | |
Expenses: | ||
$fill in the blank 962cf4014fabff4_7 | ||
fill in the blank 962cf4014fabff4_9 | ||
fill in the blank 962cf4014fabff4_11 | ||
fill in the blank 962cf4014fabff4_13 | ||
fill in the blank 962cf4014fabff4_15 | ||
fill in the blank 962cf4014fabff4_17 | ||
fill in the blank 962cf4014fabff4_19 | ||
fill in the blank 962cf4014fabff4_21 | ||
fill in the blank 962cf4014fabff4_23 | ||
Total expenses | fill in the blank 962cf4014fabff4_24 | |
$fill in the blank 962cf4014fabff4_26 |
2. Prepare a statement of owner's equity for the year ended June 30. No additional investments were made during the year.
Last Chance Company | ||
Statement of Owner's Equity | ||
For the Year Ended June 30, 20Y1 | ||
$fill in the blank f7993afe6f9bf84_2 | ||
$fill in the blank f7993afe6f9bf84_4 | ||
fill in the blank f7993afe6f9bf84_6 | ||
fill in the blank f7993afe6f9bf84_8 | ||
$fill in the blank f7993afe6f9bf84_10 |
3. Prepare a balance sheet as of June 30.
Last Chance Company | |||
Balance Sheet | |||
June 30, 20Y1 | |||
Assets | |||
Current assets: | |||
$fill in the blank f80c2b071005f9d_2 | |||
fill in the blank f80c2b071005f9d_4 | |||
fill in the blank f80c2b071005f9d_6 | |||
fill in the blank f80c2b071005f9d_8 | |||
Total current assets | $fill in the blank f80c2b071005f9d_9 | ||
Property, plant, and equipment: | |||
$fill in the blank f80c2b071005f9d_11 | |||
$fill in the blank f80c2b071005f9d_13 | |||
fill in the blank f80c2b071005f9d_15 | fill in the blank f80c2b071005f9d_16 | ||
$fill in the blank f80c2b071005f9d_18 | |||
fill in the blank f80c2b071005f9d_20 | fill in the blank f80c2b071005f9d_21 | ||
Total property, plant, and equipment | fill in the blank f80c2b071005f9d_22 | ||
Total assets | $fill in the blank f80c2b071005f9d_23 | ||
Liabilities | |||
Current liabilities: | |||
$fill in the blank f80c2b071005f9d_25 | |||
fill in the blank f80c2b071005f9d_27 | |||
fill in the blank f80c2b071005f9d_29 | |||
Total liabilities | $fill in the blank f80c2b071005f9d_30 | ||
Owner's Equity | |||
fill in the blank f80c2b071005f9d_32 | |||
Total liabilities and owner's equity | $fill in the blank f80c2b071005f9d_33 |
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.
June. 30 | fill in the blank 65d77900efdff83_2 | fill in the blank 65d77900efdff83_3 | |
fill in the blank 65d77900efdff83_5 | fill in the blank 65d77900efdff83_6 | ||
fill in the blank 65d77900efdff83_8 | fill in the blank 65d77900efdff83_9 | ||
fill in the blank 65d77900efdff83_11 | fill in the blank 65d77900efdff83_12 | ||
fill in the blank 65d77900efdff83_14 | fill in the blank 65d77900efdff83_15 | ||
fill in the blank 65d77900efdff83_17 | fill in the blank 65d77900efdff83_18 | ||
fill in the blank 65d77900efdff83_20 | fill in the blank 65d77900efdff83_21 | ||
fill in the blank 65d77900efdff83_23 | fill in the blank 65d77900efdff83_24 | ||
fill in the blank 65d77900efdff83_26 | fill in the blank 65d77900efdff83_27 | ||
fill in the blank 65d77900efdff83_29 | fill in the blank 65d77900efdff83_30 | ||
fill in the blank 65d77900efdff83_32 | fill in the blank 65d77900efdff83_33 | ||
fill in the blank 65d77900efdff83_35 | fill in the blank 65d77900efdff83_36 | ||
June. 30 | fill in the blank 65d77900efdff83_38 | fill in the blank 65d77900efdff83_39 | |
fill in the blank 65d77900efdff83_41 | fill in the blank 65d77900efdff83_42 |
5. Prepare a post-closing trial balance. If an amount box does not require an entry, leave it blank.
Last Chance Company | ||
Post-Closing Trial Balance | ||
June 30, 20Y1 | ||
Debit Balances | Credit Balances | |
fill in the blank ccd422001faeffa_2 | fill in the blank ccd422001faeffa_3 | |
fill in the blank ccd422001faeffa_5 | fill in the blank ccd422001faeffa_6 | |
fill in the blank ccd422001faeffa_8 | fill in the blank ccd422001faeffa_9 | |
fill in the blank ccd422001faeffa_11 | fill in the blank ccd422001faeffa_12 | |
fill in the blank ccd422001faeffa_14 | fill in the blank ccd422001faeffa_15 | |
fill in the blank ccd422001faeffa_17 | fill in the blank ccd422001faeffa_18 | |
fill in the blank ccd422001faeffa_20 | fill in the blank ccd422001faeffa_21 | |
fill in the blank ccd422001faeffa_23 | fill in the blank ccd422001faeffa_24 | |
fill in the blank ccd422001faeffa_26 | fill in the blank ccd422001faeffa_27 | |
fill in the blank ccd422001faeffa_29 | fill in the blank ccd422001faeffa_30 | |
fill in the blank ccd422001faeffa_32 | fill in the blank ccd422001faeffa_33 | |
fill in the blank ccd422001faeffa_35 | fill in the blank ccd422001faeffa_36 | |
fill in the blank ccd422001faeffa_38 | fill in the blank ccd422001faeffa_39 | |
fill in the blank ccd422001faeffa_40 | fill in the blank ccd422001faeffa_41 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started