Ikea Furniture Inc.

Adjusted Trial Balance

December 31

Cash $3,050

Accounts Recievable 400

Prepaid Insurance 830

Office Supplies.. 80

Office Equipment. 4,200

Accumulated depreciation- office equipment $1,100

Buildings. 98,000

Accumulated depreciation buildings 28,000

Land 115,000

Wages Payable . 880

Property taxes payable 1,400

Interest payable 2,200

Unearned rent 460

Long-term notes payable 150,000

Common Stock 1,000

Retained Earnings 39,340

Dividends 21,000

Rent earned. 67,500

Wages Expense. 29,000

Utilities Expense... 2,900

Property taxes expense 2,400

Insurance expense.. 5,800

Office supplies expense.. 250

Depreciation expense- office equipment 400

Depreciation expense buildings. 5,570

Interest expense 3,000

Totals $291,880 $291,880

Using the adjusted trial balance of Ikea Furniture Inc. Presented below and the schedules and forms on the following pages:

1.Prepare the income statement.

2.Prepare the statement of retained earnings.

3.Prepare the balance sheet

4.Prepare the closing entries.