***most of this is completed. Just need help where the =? Is located***

Integrative Exercise 01 The Accounting Cycle

Begin with the following account balances for University Street Parking Garage (assume all accounts have normal balances) at December 31, 2013:

Accounts payable $16,700

Accounts receivable 39,200

Accumulated depreciation (equipment) 36,800

Cash 6700

Common stock (20,000 shares) 100,000

Depreciation expense (equipment) 12,300

Dividends 6,300

Equipment 269,500

Income taxes expense 2,700

Income taxes payable 1,100

Interest expense 16,500

Interest payable 0

Interest revenue 4,100

Inventory 4,900

Investments 35,000

Notes payable (due May 2, 2019) 160,000

Prepaid rent (4 months) 36,400

Rent expense 94,400

Retained earnings, 12/31/2012 43,000

Service revenue, parking 224,600

Service revenue, repair 208,100

Supplies expense 36,900

Wages expense 233,600

Wages payable 0

1. For the following transactions, provide the necessary adjusting entries and update the account balances to appropriately reflect these adjusting entries:

a. The only lease held by University Street Parking required a rental payment of $9,100 per month. University Street Parking has prepaid rent through March 31, 2014.

b. At December 31, 2013, University Street Parking owes employees wages of $12,500.

c. University Street Parking should have total depreciation expense on equipment for 2013 of $14,300.

d. The note payable of $160,000 has an interest rate of 6.75%. University Street Parking has paid interest through October 31, 2013.

a. Rend Expense 9100

Prepaid Rent 9100

b. Wages Expense 12500

Wages Payable 12500

c. Depreciation Expense =?

Accumulated Depreciation =?

d. Interest Expense =?

Interest Payable =?

2. Prepare a properly classified income statement for 2013 using the post-adjustment account balances.

Income Statement for the year ended Dec 31, 2013

Service Revenue, parking 224600

Service revenue, repair 208100

Total revenue 432700

Operating expenses:

Wages expense 246100

Rent expense 103500

Supplies expense 36900

Depreciation expense (equip) 14300

Total operating expense 400800

Income from operationg 31900

Other income:

Interest revenue 4100

Interest expense =?

Total other income expense will total

Income before income taxes =?

Income tax expense 2700

Net income =?

Prepare a properly classified retained earnings statement for 2013 using the post-adjustment account balances.

Retained earnings statement for the year ended Dec 31, 2013

Retained earning, Jan 1 43000

Add: net income =?

Less: dividends 6300

Retained earnings, Dec =?

Prepare a properly classified balance sheet as of December 31, 2013 using the post-adjustment account balances.

Balance sheet, Dec 31 2013

Assets

Current assets:

Cash 6700

Accounts receivable 39200

Inventory 4900

Prepaid rent =?

Total current assets will total

Investments 35000

Equipment 269500

Less: accumulated deprecitation =?

Equipement (net) =?

Current liabilities:

Accounts payable 16700

Wages payable =?

Interest payable =?

Income taxes payable 1100

Total current liabilities will total

Long term liabilities:

Notes payable 160000

Total liabilities will total

Stockholders equity:

Common stock 100000

Retained earnings =?

Total stockholders equity will total