The adjusted trial balance of Ernest Real Estate Appraisal at June 30, 2016, follows: (Click the icon to view the adjusted trial balance.) Read the requirements. .... Requirement 1. Prepare the company's income statement for the year ended June 30, 2016. (If a box is not used eses to show a OX Ernest Real Estate Appraisal Income Statement Requirements Year Ended June 30, 2016 1. Prepare the company's income statement for the year ended June 30, 2016. 2. Prepare the company's statement of owner's equity for the year ended June 30, 2016. Assume that there were no contributions made by the owner during the year. 3. Prepare the company's classified balance sheet in report form at June 30, 2016. 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, 2016. Print Done Net Income (Loss) Requirement 2. Prepare the company's statement of owner's equity for the year ended June 30, 2016. Assume that there were no contributions made by the owner during the year. (Use a minus sign or parentheses to show a decreas capital. Exclude any zero-balance events for the period from the statement of owner's equity.) The adjusted trial balance of Ernest Real Estate Appraisal at June 30, 2016, follows: (Click the icon to view the adjusted trial balance.) Read the requirements Requirement 2. Prepare the company's statement of owner's equity for the year ended June 30, 2016. Assume that there were no contributions made by the owner during the year. (Use a minus sign or parentheses to show a decrease in capital. Exclude any zero-balance events for the period from the statement of owner's equity.) OX Ernest Real Estate Appraisal Statement of Owner's Equity Year Ended June 30, 2016 Requirements Ernest, Capital, July 1, 2015 Ernest, Capital, June 30, 2016 1. Prepare the company's income statement for the year ended June 30, 2016. 2. Prepare the company's statement of owner's equity for the year ended June 30, 2016. Assume that there were no contributions made by the owner during the year. 3. Prepare the company's classified balance sheet in report form at June 30, 2016 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, 2016. Requirement 3. Prepare the company's classified balance sheet in report form at June 30, 2016. (If a box is not used in the bala Ernest Real Estate Appraisal Balance Sheet June 30, 2016 Assets Print Done Requirement 3. Prepare the company's classified balance sheet in report form at June 30, 2016. (If a box is not used in the balance sheet, leave the box empty; do not select a label or enter a zero.) Ernest Real Estate Appraisal - x Balance Sheet Requirements June 30, 2016 Assets 1. Prepare the company's income statement for the year ended June 30, 2016. 2. Prepare the company's statement of owner's equity for the year ended June 30, 2016. Assume that there were no contributions made by the owner during the year. 3. Prepare the company's classified balance sheet in report form at June 30, 2016. 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, 2016. Less: Print Done Liabilities The adjusted trial balance of Ernest Real Estate Appraisal at June 30, 2016, follows: (Click the icon to view the adjusted trial balance.) Read the requirements ..... LGOO. OX Requirements Liabilities 1. Prepare the company's income statement for the year ended June 30, 2016. 2. Prepare the company's statement of owner's equity for the year ended June 30, 2016. Assume that there were no contributions made by the owner during the year. 3. Prepare the company's classified balance sheet in report form at June 30, 2016. 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, 2016. Owner's Equity Print Done Requirement 4. Journalize the closing entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by closing revenues. Requirement 4. Journalize the closing entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by closing revenues. Requirements Date Accounts and Explanation Debit Credit Jun. 30 Clos. (1) 1. Prepare the company's income statement for the year ended June 30, 2016. 2. Prepare the company's statement of owner's equity for the year ended June 30, 2016. Assume that there were no contributions made by the owner during the year. 3. Prepare the company's classified balance sheet in report form at June 30, 2016. 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, 2016. Close expenses for the period. Date Accounts and Explanation Debit Credit Jun. 30 Clos. (2) Print Done The adjusted trial balance of Ernest Real Estate Appraisal at June 30, 2016, follows: (Click the icon to view the adjusted trial balance.) Read the requirements. Close Income Summary. Date Debit Accounts and Explanation Credit Requirements Jun. 30 Clos. (3) Close withdrawals. 1. Prepare the company's income statement for the year ended June 30, 2016. 2. Prepare the company's statement of owner's equity for the year ended June 30, 2016. Assume that there were no contributions made by the owner during the year. 3. Prepare the company's classified balance sheet in report form at June 30, 2016. 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, 2016. Date Accounts and Explanation Debit Credit Jun. 30 Clos. (4) Print Done Requirement 5. T-accounts have been opened using the balances from the adjusted trial balance. Post the closing entries to the Use "Clos." and the corresponding number as shown in the journal entry as posting references"Clos.(1)", "Clos.(2)", etc. The adjusted balance of each account has been entered for you. Post any closing entries to the accounts and then calculate the post-closing balance ("Bal.") of each account (including those that were not closed). For any accounts with a zero balance after closing, enter a "0" on the normal side of the account. For Income Summary, calculate and enter the balance ("Bal.") before posting the entry to close out the account. Post the entry to close Income Summary account on the same line as you entered the balance prior to closing (the second line) and then show the post-closing balance ("Bal.") on the last (third) line of the account The adjusted trial balance of Ernest Real Estate Appraisal at June 30, 2016, follows: (Click the icon to view the adjusted trial balance.) Read the requirements Review the ending balances of the T-accounts that you prepared in Requirement 5. Ernest Real Estate Appraisal Post-Closing Trial Balance June 30, 2016 Requirements Balance Account Title Debit Credit 1. Prepare the company's income statement for the year ended June 30, 2016. 2. Prepare the company's statement of owner's equity for the year ended June 30, 2016. Assume that there were no contributions made by the owner during the year. 3. Prepare the company's classified balance sheet in report form at June 30, 2016. 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, 2016. Print Done Total Ernest Real Estate Appraisal Adjusted Trial Balance June 30, 2016 Balance Account Title Debit Credit Cash $ 4,700 Accounts Receivable 5,500 Office Supplies 2,500 Prepaid Insurance 1,600 Building 77,000 Accumulated DepreciationBuilding $ 26,500 Land 13,200 Accounts Payable 18,200 Interest Payable 8,100 Salaries Payable 2,600 Unearned Revenue 6,200 Notes Payable (long-term) 37,000 Ernest, Capital 40,000 Ernest, Withdrawals 26,500 1,600 77,000 26,500 13,200 18,200 8,100 2,600 6,200 Prepaid Insurance Building Accumulated DepreciationBuilding Land Accounts Payable Interest Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Ernest, Capital Ernest, Withdrawals Service Revenue Insurance Expense Salaries Expense Supplies Expense Interest Expense Utilities Expense 37,000 40,000 26,500 49,600 5,000 33,500 1,000 8,100 1,900 7,700 Depreciation Expense-Building Total 188,200 $ 188,200