Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The adjusted trial balance of Elias Real Estate Appraisal at June 30, 2024, follows: Requirement 1. Prepare the company's income statement for the year ended

image text in transcribed
image text in transcribed
image text in transcribed
The adjusted trial balance of Elias Real Estate Appraisal at June 30, 2024, follows: Requirement 1. Prepare the company's income statement for the year ended June 30,2 Requirements 1. Piepare the company's income statement for the year ended June 30,2024 2. Prepare the company's statement of owner's equity for the year ended June 30, 2024 (Assume that there were no contibutions mado by the owner during the year) 3. Prepare the company's classified balance sheet in report form at June 30.2024 4. Journalize the closing entries 5. T-accounts have been opened using the balances from the adjusted trial balance. Post the closing entries to the T-accounts 6. Prepare the company's post-closing trial balance at June 30,2024 t, leave the box empty; do not select a label or enter a zero. Use a minus sign or parentheses to show a net loss.) Data table \begin{tabular}{|c|c|c|c|} \hline \multirow[b]{2}{*}{ Account Title } & \multicolumn{3}{|c|}{ Balance } \\ \hline & & Debit & Credit \\ \hline Cash & s & 4.200 & \\ \hline Accounts Receivable & & 5,400 & \\ \hline Office Supplies & & 1,900 & \\ \hline Prepaid Insurance & & 2,600 & \\ \hline Land & & 12,200 & \\ \hline Building & & 71,000 & \\ \hline Accumulated Depreciation-Building & & s & 26,200 \\ \hline Accounts Payable & & & 19,300 \\ \hline Interest Payable & & & 8.900 \\ \hline Salaries Payable & & & 1,800 \\ \hline Unearned Revenue & & & 1,800 \\ \hline Notes Payable (long-term) & & & 35,000 \\ \hline Elias, Capital & & & 38,500 \\ \hline Elias, Withdrawals & & 26.800 & \\ \hline Service Revenue & & & 48.200 \\ \hline Insurance Expense & & 4,500 & \\ \hline Salaries Expense & & 31.800 & \\ \hline Supplies Expense & & 1,000 & \\ \hline Interest Expense & & 8,900 & \\ \hline Utilities Expense & & 2,300 & \\ \hline Depreciation Expense-Building & - & 7,100 & \\ \hline Total & s & 179,700S & 179,700 \\ \hline \end{tabular}

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Ray Garrison, Eric Noreen and Peter Brewer

14th edition

978-007811100, 78111005, 978-0078111006

More Books

Students also viewed these Accounting questions

Question

Did you open with an issue explanation?

Answered: 1 week ago