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The adjusted trial balance for Carla Vista Fishing Centre is as follows: CARLA VISTA FISHING CENTRE Adjusted Trial Balance March 31, 2017 Debit Credit Cash

The adjusted trial balance for Carla Vista Fishing Centre is as follows:

CARLA VISTA FISHING CENTRE

Adjusted Trial Balance

March 31, 2017

Debit

Credit

Cash

$7,600

Interest receivable

850

Supplies

1,300

Debt investments

29,000

Land

47,000

Building

175,000

Accumulated depreciationbuilding

$32,000

Equipment

37,000

Accumulated depreciationequipment

18,500

Accounts payable

6,500

Interest payable

930

Unearned revenue

2,240

Notes payable ($6,000 must be paid in 2018)

65,100

R. Falkner, capital

151,730

R. Falkner, drawings

46,000

Service revenue

122,900

Interest revenue

1,500

Depreciation expense

9,850

Interest expense

3,900

Insurance expense

4,700

Salaries expense

28,500

Supplies expense

5,400

Utilities expense

5,300

$401,400

Prepare an income statement for the year ended March 31, 2017.(Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

CARLA VISTA FISHING CENTRE

Income Statement

Year Ended March 31, 2017March 31, 2017Month Ended March 31, 2017

R. Falkner, Capital, March 31, 2017InvestmentsRevenuesR. Falkner, Capital, April 1, 2016Total RevenuesTotal ExpensesExpensesDrawingsProfit / (Loss)

Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue

R. Falkner, Capital, March 31, 2017DrawingsRevenuesR. Falkner, Capital, April 1, 2016InvestmentsProfit / (Loss)Total RevenuesExpensesTotal Expenses

R. Falkner, Capital, March 31, 2017Profit / (Loss)DrawingsR. Falkner, Capital, April 1, 2016Total RevenuesRevenuesInvestmentsExpensesTotal Expenses

Profit / (Loss)DrawingsTotal RevenuesR. Falkner, Capital, March 31, 2017ExpensesRevenuesInvestmentsTotal ExpensesR. Falkner, Capital, April 1, 2016

Total ExpensesInvestmentsProfit / (Loss)Total RevenuesDrawingsRevenuesR. Falkner, Capital, April 1, 2016R. Falkner, Capital, March 31, 2017Expenses

Prepare a statement of owner's equity. The owner, Rachael Falkner, invested $2,500 cash in the business during the year. (Note:The investment has been recorded and it is included in the capital account.)(List items that increase owner's equity first.)

CARLA VISTA FISHING CENTRE

Statement of Owner's Equity

Year Ended March 31, 2017March 31, 2017Month Ended March 31, 2017

Total RevenuesProfit / (Loss)InvestmentExpensesDrawingsTotal ExpensesR. Falkner, Capital, April 1, 2016R. Falkner, Capital, March 31, 2017Revenues

LessAdd

:DrawingsTotal RevenuesRevenuesProfit / (Loss)InvestmentR. Falkner, Capital, April 1, 2016R. Falkner, Capital, March 31, 2017ExpensesTotal Expenses

Total RevenuesProfit / (Loss)InvestmentExpensesDrawingsR. Falkner, Capital, April 1, 2016R. Falkner, Capital, March 31, 2017RevenuesTotal Expenses

AddLess

:ExpensesR. Falkner, Capital, April 1, 2016Total ExpensesR. Falkner, Capital, March 31, 2017RevenuesProfit / (Loss)DrawingsInvestmentTotal Revenues

Total RevenuesDrawingsInvestmentRevenuesTotal ExpensesProfit / (Loss)R. Falkner, Capital, March 31, 2017R. Falkner, Capital, April 1, 2016Expenses

Prepare a classified balance sheet.(List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)

CARLA VISTA FISHING CENTRE

Balance Sheet

March 31, 2017Year Ended March 31, 2017Month Ended March 31, 2017

Assets

Current AssetsCurrent LiabilitiesIntangible AssetsLong-term Debt InvestmentLong-term LiabilitiesProperty, Plant, and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owner's Equity

Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashCurrent Portion of Notes PayableDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue

AddLess

:Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashCurrent Portion of Notes PayableDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue

AddLess

Liabilities and Owner's Equity

Prepare closing entries.(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

Mar.31

Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableIncome SummaryLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue

(To close revenue accounts)Mar.31

Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableIncome SummaryLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue

(To close expense accounts)Mar.31

Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableIncome SummaryLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue

(To close profit to capital)Mar.31

Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableIncome SummaryLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue

(To close drawings account)

Use T accounts to post the closing entries and calculate the balance in each account. (Ignore the accounts not affected by the closing entries.)

Income Summary

Bal.Clos.

Clos.Bal.

Bal.Clos.

R. Falkner, Capital

Bal.Clos.

Clos.Bal.

R. Falkner, Drawings

Bal.Clos.

Service Revenue

Bal.Clos.

Interest Revenue

Bal.Clos.

Clos.Bal.

Depreciation Expense

Bal.Clos.

Insurance Expense

Bal.Clos.

Interest Expense

Bal.Clos.

Salaries Expense

Bal.Clos.

Supplies Expense

Bal.Clos.

Utilities Expense

Bal.Clos.

Prepare a post-closing trial balance and compare the balance in the R. Falkner, Capital account with the information in the statement of owner's equity.(List only those accounts that have an ending balance.)

CARLA VISTA FISHING CENTRE

Post-Closing Trial Balance

March 31, 2017Month Ended March 31, 2017Year Ended March 31, 2017

Debit

Credit

Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableIncome SummaryLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue