Financial Statements and Closing Entries Last Chance Company offers legal consulting advice to prison inmates. Last Chance prepared the end-of-period spreadsheet that follows at June 30, 203, the end of the fiscal year. Last Chance Company End-of-Period Spreadsheet For the Year Ended June 30, 2043 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Cr. Dr. Dr. Cr. 5,100 5,100 22,750 3,750 26,500 Cash Accounts Receivable Prepaid Insurance Supplies Land 3,600 1,300 2,300 1,500 525 2,025 80,000 340,000 80,000 340,000 190,000 3,000 193,000 140,000 140,000 4,550 54,450 9,750 Building Accum. Depr.-Building Equipment Accum. Depr.-Equipment Accounts Payable Salaries & Wages Payable Unearned Rent Common Stock Retained Earnings Dividends 59,000 9,750 1,900 1,900 4,500 3,000 1,500 90,000 90,000 271,300 271,300 20,000 20,000 280,000 3,750 283,750 Fees Eamed 3,000 3,000 1,900 147,000 145,100 86,800 30,000 86,800 30,000 Rent Revenue Salaries & Wages Expense Advertising Expense Utilities Expense Travel Expense Depr. Exp.-Equipment Depr. Exp.-Building Supplies Expense 18,750 18,750 4,550 4,550 3,000 1,500 3,000 1,500 Dividends 20,000 20,000 280,000 283,750 Fees Earned 3,750 3,000 3,000 Rent Revenue 145,100 1,900 147,000 86,800 Salaries & Wages Expense Advertising Expense Utilities Expense 86,800 30,000 18,750 30,000 Travel Expense 18,750 4,550 3,000 Depr. Exp.-Equipment Depr. Exp.--Building Supplies Expense Insurance Expense Misc. Expense 4,550 3,000 1,500 1,300 1,500 1,300 5,875 913,200 5,875 900,000 900,000 19,000 913,200 19,000 Required: 1. Prepare an income statement for the year ended June 30, 2043. Last Chance Company Income Statement For the Year Ended June 30, 2043 Revenues: Fees earned 213,750 3.000 Rent revenue 256.750 17.00 MO 1,750 Total revenues Expenses Salaries and wages expense Advertising expense Utilities expense Travel expense Depreciation expense-equipment Depreciation expense-building Supplies expense Insurance expense Miscellaneous expense Total expenses Net loss 3.000 1.500 1.100 298,775 -1270 4.550 3.000 Pepreciation expense-equipment Depreciation expense-building Supplies expense Insurance expense Miscellaneous expense 1.500 1.300 3,878 Total expenses 298.775 Net loss 2. Prepare a statement of stockholders' equity for the year ended June 30, 20Y3. During the year ended June 30, 203, additional common stock of $20,000 was issued. If an amount box does not require an entry, leave it blank. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Last Chance Company Statement of Stockholders' Equity For the Year Ended June 30, 20Y3 Common Stock Retained Earnings Total 3. Prepare a balance sheet as of June 30, 2073. Last Chance Company Balance Sheet June 30, 2013 Assets Current assets: Cash CengageNOWv2 Online teaching and le ERSTAI 0 Prepare a balance sheet as of June 30, 2013 Last Chance Company Balance Sheet June 30, 2013 Assets Current assets: Cash Accounts receivable Prepaid insurance Supplies Total current assets Property, plant, and equipment: Land Building Accumulated depreciation-building Equipment Accumulated depreciation-eruipment Total property, plant, and equipment Total assets Liabilities Current liabilities: Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity 4. On the basis of the end-of-period spreadsheet, journalize the dosing entries. If an amount box does not require an entry, 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. 20Y3 Jun 30 2013 Jun. 30 5. Prepare a post-closing trial balance. List the accounts as Assets, Liabilities, Capita, Dividends, Revenue and expenses. In an amount box does not require an entry, leave it blank Last Chance Company Post-Closing Trial Balance June 30, 2013 Debit Balances Credit Balances 5. Prepare a post-closing trial balance. List the accounts as: Assets, Liabilities, Capital, Dividends, Revenue and Expenses. Ir an amount box does not require an entry, leave it blank. Last Chance Company Post-Closing Trial Balance June 30, 20Y3 Debit Balances Credit Balances
