Roman Company was established a few years ago. The company operates all over the beautiful Pacific...
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Roman Company was established a few years ago. The company operates all over the beautiful Pacific Northwest. Roman Company has just completed its current accounting period for the year. Roman Company has provided the following unadjusted trial balance at its June 30 current fiscal year-end. The credit balance of the T. Roman, Capital account was $55,800 on June 30 of the prior year, and the owner invested $28,000 cash during the current fiscal year. ROMAN COMPANY Unadjusted Trial Balance June 30 Number Account Title 101 Cash Debit $ 17,500 Credit 126 Supplies 128 Prepaid insurance 167 168 201 Equipment Accumulated depreciation-Equipment Accounts payable 8,500 5,000 158,120 $ 29,000 5,000 203 Interest payable 0 208 Rent payable 0 210 Wages payable 0 213 Property taxes payable 0 251 Long-term notes payable 28,000 301 T. Roman, Capital 83,800 302 T. Roman, Withdrawals 30,500 403 Construction revenue 142,000 612 Depreciation expense-Equipment 0 623 Wages, expense 43,000 633 Interest expense 3,080 637 Insurance expense 0 640 Rent expense 11,000 652 Supplies expense 0 683 Property taxes expense 4,600 684 Repairs expense 2,900 690 Utilities expense 3,600 Totals Adjustments: $ 287,800 $ 287,800 a. A physical count shows that supplies available at the end of the current fiscal year total $3,060. b. The cost of expired insurance for the current fiscal year is $3,150. c. Annual depreciation on equipment is $8,100. d. June utilities expense of $540 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $540 amount owed must be recorded. e. Employees have earned $2,000 of accrued and unpaid wages at fiscal year-end. f. Rent expense incurred and not yet paid or recorded at fiscal year-end is $400. g. Additional property taxes of $800 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end. h. $280 of accrued interest for June has not yet been paid or recorded. Required: A. Prepare the income statement for the year ended June 30. B. Prepare the statement of owner's equity for the year ended June 30. C. Prepare the classified balance sheet at June 30. Complete this question by entering your answers in the tabs below. Required 3A Required 3B Required 3C Prepare the income statement for the year ended June 30. ROMAN COMPANY Income Statement Roman Company was established a few years ago. The company operates all over the beautiful Pacific Northwest. Roman Company has just completed its current accounting period for the year. Roman Company has provided the following unadjusted trial balance at its June 30 current fiscal year-end. The credit balance of the T. Roman, Capital account was $55,800 on June 30 of the prior year, and the owner invested $28,000 cash during the current fiscal year. ROMAN COMPANY Unadjusted Trial Balance June 30 Number Account Title 101 Cash Debit $ 17,500 Credit 126 Supplies 128 Prepaid insurance 167 168 201 Equipment Accumulated depreciation-Equipment Accounts payable 8,500 5,000 158,120 $ 29,000 5,000 203 Interest payable 0 208 Rent payable 0 210 Wages payable 0 213 Property taxes payable 0 251 Long-term notes payable 28,000 301 T. Roman, Capital 83,800 302 T. Roman, Withdrawals 30,500 403 Construction revenue 142,000 612 Depreciation expense-Equipment 0 623 Wages, expense 43,000 633 Interest expense 3,080 637 Insurance expense 0 640 Rent expense 11,000 652 Supplies expense 0 683 Property taxes expense 4,600 684 Repairs expense 2,900 690 Utilities expense 3,600 Totals Adjustments: $ 287,800 $ 287,800 a. A physical count shows that supplies available at the end of the current fiscal year total $3,060. b. The cost of expired insurance for the current fiscal year is $3,150. c. Annual depreciation on equipment is $8,100. d. June utilities expense of $540 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $540 amount owed must be recorded. e. Employees have earned $2,000 of accrued and unpaid wages at fiscal year-end. f. Rent expense incurred and not yet paid or recorded at fiscal year-end is $400. g. Additional property taxes of $800 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end. h. $280 of accrued interest for June has not yet been paid or recorded. Required: A. Prepare the income statement for the year ended June 30. B. Prepare the statement of owner's equity for the year ended June 30. C. Prepare the classified balance sheet at June 30. Complete this question by entering your answers in the tabs below. Required 3A Required 3B Required 3C Prepare the income statement for the year ended June 30. ROMAN COMPANY Income Statement
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Financial Reporting Financial Statement Analysis and Valuation a strategic perspective
ISBN: 978-1337614689
9th edition
Authors: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
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