Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Instructions The unadjusted trial balance of Epicenter Laundry at June 30, 20Y6, the end of the fiscal year, follows: Epicenter Laundry UNADJUSTED TRIAL BALANCE June
Instructions The unadjusted trial balance of Epicenter Laundry at June 30, 20Y6, the end of the fiscal year, follows: Epicenter Laundry UNADJUSTED TRIAL BALANCE June 30, 2046 ACCOUNT TITLE DEET CREDIT 1 Cash 11,000.00 2 Laundry Supplies 26,500.00 3 Prepaid Insurance 9,600.00 Laundry Equipment 232,600.00 s Accumulated Depreciation 125,400.00 6 Accounts Payable 11,800.00 40,000.00 Common Stock & Retained Earnings 65,600,00 9 Dividends 5,000.00 10 Laundry Revenue 232,200.00 11 Wages Expense 125,200.00 12 Rent Expense 40,000.00 13 Utilities Expense 19,700.00 5,400.00 14 Miscellaneous Expense 15 Totals 475,000.00 475,000.00 The data needed to determine year-end adjustments are as follows: A Laundry supplies on hand at June 30 are $8.800. B. Insurance premiums expired during the year are $5,700. C. Depreciation of laundry equipment during the year is $8,500. D. Wages accrued but not paid at June 30 are $1,100. Statement of Stockholders' Equity 5. b. Prepare a statement of stockholders' equity for the year ended June 30, 20Y6. During the year ended June 30, 20Y6, additional common stock of $7,500 was issued. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Refer to the Chart of Accounts for exact wording of account titles. Refer to the lists of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names. Epicenter Laundry Statement of Stockholders' Equity (Label) Retained Common Stock Total Famings Balance Sheet 5. c. Prepare a balance sheet as of June 30, 20Y6. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. You will not need to enter colons() on the balance sheet, they will automatically insert where necessary. Refer to the Chart of Accounts for exact wording of account titles. Refer to the lists of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names. For those boxes in which you must enter subtracted or negative numbers use e minus sign Epicenter Laundry Balance Sheet (Label) Assets Label) Label) Liabilities Liabilities 13 Label) Stockholders' Equity Post-closing Trial Balance 7. Prepare a post-closing trial balance Epicenter Laundry POST-CLOSING TRIAL BALANCE June 30, 2046 ACCOUNT TITLE CREDIT 1 Cash 2 Laundry Supplies 3 Prepaid Insurance 4 Laundry Equipment 5 Accumulated Depreciation 6 Accounts Payable 7 Wages Payable . Common Stock 9 Retained Earnings 10 Totals
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