TheIvanhoeHotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31.

IVANHOEHOTEL

Trial Balance

May 31, 2022Debit

Credit

Cash$2,433Supplies2,600Prepaid Insurance1,800Land14,933Buildings67,600Equipment16,800Accounts Payable$4,633Unearned Rent Revenue3,300Mortgage Payable33,600Common Stock59,933Rent Revenue9,000Salaries and Wages Expense3,000Utilities Expense800Advertising Expense500

$110,466

$110,466

Other data:

1.Insurance expires at the rate of $450per month.2.A count of supplies shows $1,080of unused supplies on May 31.3.(a) Annual depreciation is $3,960on the building.(b) Annual depreciation is $3,360on equipment.4.The mortgage interest rate is5%. (The mortgage was taken out on May 1.)5.Unearned rent of $2,570has been earned.6.Salaries of $790are accrued and unpaid at May 31.

Prepare an income statement for the month of May.

IVANHOEHOTEL

Income Statement

choose the accounting period

For the Month Ended May 31, 2022

May 31, 2022

For the Year Ended May 31, 2022

select an opening name for section one

Expenses

Revenues

Total Expenses

Total Revenues

Net Income / (Loss)

Retained Earnings, May 1

Retained Earnings, May 31

Dividends

enter an income statement item

$

enter a dollar amount

select an opening name for section two

Expenses

Revenues

Total Expenses

Total Revenues

Net Income / (Loss)

Retained Earnings, May 1

Retained Earnings, May 31

Dividends

enter an income statement item

$

enter a dollar amount

enter an income statement item

enter a dollar amount

enter an income statement item

enter a dollar amount

enter an income statement item

enter a dollar amount

enter an income statement item

enter a dollar amount

enter an income statement item

enter a dollar amount

enter an income statement item

enter a dollar amount

select a closing name for section two

Expenses

Revenues

Total Expenses

Total Revenues

Net Income / (Loss)

Retained Earnings, May 1

Retained Earnings, May 31

Dividends

enter a total amount for section two

select a closing name for this statement

Expenses

Revenues

Total Expenses

Total Revenues

Net Income / (Loss)

Retained Earnings, May 1

Retained Earnings, May 31

Dividends

$

enter a total net income or loss amount

Prepare a retained earnings statement for the month of May.

IVANHOEHOTEL

Retained Earnings Statement

choose the accounting period

For the Month Ended May 31, 2022

For the Year Ended May 31, 2022

May 31, 2022

select an opening name

Expenses

Revenues

Total Expenses

Total Revenues

Net Income / (Loss)

Retained Earnings, May 1

Retained Earnings, May 31

Dividends

$

enter a dollar amount

select between addition and deduction

Add

Less

:

select an item

Expenses

Revenues

Total Expenses

Total Revenues

Net Income / (Loss)

Retained Earnings, May 1

Retained Earnings, May 31

Dividends

enter a dollar amount

select a closing name

Expenses

Revenues

Total Expenses

Total Revenues

Net Income / (Loss)

Retained Earnings, May 1

Retained Earnings, May 31

Dividends

$

enter a total amount

Prepare a classified balance sheet at May 31.(List current assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment .)

IVANHOEHOTEL

Balance Sheet

choose the accounting period

For the Year Ended May 31, 2022

For the Month Ended May 31, 2022

May 31, 2022

Assets

select an opening name for subsection one

Current Assets

Current Liabilities

Intangible Assets

Long-term Investments

Long-term Liabilities

Property, Plant and Equipment

Stockholders' Equity

Total Assets

Total Current Assets

Total Current Liabilities

Total Intangible Assets

Total Liabilities

Total Liabilities and Stockholders' Equity

Total Long-term Investments

Total Long-term Liabilities

Total Property, Plant and Equipment

Total Stockholders' Equity

enter a balance sheet item

$

enter a dollar amount

enter a balance sheet item

enter a dollar amount

enter a balance sheet item

enter a dollar amount

select a closing name for subsection one

Current Assets

Current Liabilities

Intangible Assets

Long-term Investments

Long-term Liabilities

Property, Plant and Equipment

Stockholders' Equity

Total Assets

Total Current Assets

Total Current Liabilities

Total Intangible Assets

Total Liabilities

Total Liabilities and Stockholders' Equity

Total Long-term Investments

Total Long-term Liabilities

Total Property, Plant and Equipment

Total Stockholders' Equity

$

enter a total amount for subsection one

select an opening name for subsection two

Current Assets

Current Liabilities

Intangible Assets

Long-term Investments

Long-term Liabilities

Property, Plant and Equipment

Stockholders' Equity

Total Assets

Total Current Assets

Total Current Liabilities

Total Intangible Assets

Total Liabilities

Total Liabilities and Stockholders' Equity

Total Long-term Investments

Total Long-term Liabilities

Total Property, Plant and Equipment

Total Stockholders' Equity

enter a balance sheet item

enter a dollar amount

enter a balance sheet item

$

enter a dollar amount

select between addition and deduction

Add

Less

:

enter a balance sheet item

enter a dollar amount

enter a subtotal of the two previous amounts

enter a balance sheet item

enter a dollar amount

select between addition and deduction

Add

Less

:

enter a balance sheet item

enter a dollar amount

enter a subtotal of the two previous amounts

enter a total amount for subsection two

select a closing name for this part of the balance sheet

Current Assets

Current Liabilities

Intangible Assets

Long-term Investments

Long-term Liabilities

Property, Plant and Equipment

Stockholders' Equity

Total Assets

Total Current Assets

Total Current Liabilities

Total Intangible Assets

Total Liabilities

Total Liabilities and Stockholders' Equity

Total Long-term Investments

Total Long-term Liabilities

Total Property, Plant and Equipment

Total Stockholders' Equity

$

enter a total amount for this part of the the balance sheet

Liabilities and Stockholders' Equity

select an opening name for subsection one

Current Assets

Current Liabilities

Intangible Assets

Long-term Investments

Long-term Liabilities

Property, Plant and Equipment

Stockholders' Equity

Total Assets

Total Current Assets

Total Current Liabilities

Total Intangible Assets

Total Liabilities

Total Liabilities and Stockholders' Equity

Total Long-term Investments

Total Long-term Liabilities

Total Property, Plant and Equipment

Total Stockholders' Equity

enter a balance sheet item

$

enter a dollar amount

enter a balance sheet item

enter a dollar amount

enter a balance sheet item

enter a dollar amount

enter a balance sheet item

enter a dollar amount

select a closing name for subsection one

Current Assets

Current Liabilities

Intangible Assets

Long-term Investments

Long-term Liabilities

Property, Plant and Equipment

Stockholders' Equity

Total Assets

Total Current Assets

Total Current Liabilities

Total Intangible Assets

Total Liabilities

Total Liabilities and Stockholders' Equity

Total Long-term Investments

Total Long-term Liabilities

Total Property, Plant and Equipment

Total Stockholders' Equity

$

enter a total amount for subsection one of the second part of the balance sheet

select an opening name for subsection two

Current Assets

Current Liabilities

Intangible Assets

Long-term Investments

Long-term Liabilities

Property, Plant and Equipment

Stockholders' Equity

Total Assets

Total Current Assets

Total Current Liabilities

Total Intangible Assets

Total Liabilities

Total Liabilities and Stockholders' Equity

Total Long-term Investments

Total Long-term Liabilities

Total Property, Plant and Equipment

Total Stockholders' Equity

enter a balance sheet item

enter a dollar amount

select a closing name for section one

Current Assets

Current Liabilities

Intangible Assets

Long-term Investments

Long-term Liabilities

Property, Plant and Equipment

Stockholders' Equity

Total Assets

Total Current Assets

Total Current Liabilities

Total Intangible Assets

Total Liabilities

Total Liabilities and Stockholders' Equity

Total Long-term Investments

Total Long-term Liabilities

Total Property, Plant and Equipment

Total Stockholders' Equity

enter a total amount for this section of the balance sheet

select an opening name for section two

Current Assets

Current Liabilities

Intangible Assets

Long-term Investments

Long-term Liabilities

Property, Plant and Equipment

Stockholders' Equity

Total Assets

Total Current Assets

Total Current Liabilities

Total Intangible Assets

Total Liabilities

Total Liabilities and Stockholders' Equity

Total Long-term Investments

Total Long-term Liabilities

Total Property, Plant and Equipment

Total Stockholders' Equity

enter a balance sheet item

enter a dollar amount

enter a balance sheet item

enter a dollar amount

select a closing name for section two

Current Assets

Current Liabilities

Intangible Assets

Long-term Investments

Long-term Liabilities

Property, Plant and Equipment

Stockholders' Equity

Total Assets

Total Current Assets

Total Current Liabilities

Total Intangible Assets

Total Liabilities

Total Liabilities and Stockholders' Equity

Total Long-term Investments

Total Long-term Liabilities

Total Property, Plant and Equipment

Total Stockholders' Equity

enter a total of the two previous amounts

select a closing name for this part of the balance sheet

Current Assets

Current Liabilities

Intangible Assets

Long-term Investments

Long-term Liabilities

Property, Plant and Equipment

Stockholders' Equity

Total Assets

Total Current Assets

Total Current Liabilities

Total Intangible Assets

Total Liabilities

Total Liabilities and Stockholders' Equity

Total Long-term Investments

Total Long-term Liabilities

Total Property, Plant and Equipment

Total Stockholders' Equity

$

enter a total amount for this part of the balance sheet

Identify which accounts should be closed on May 31.

Cashselect an option

Not Closed

Closed

Suppliesselect an option

Not Closed

Closed

Prepaid Insuranceselect an option

Not Closed

Closed

Landselect an option

Not Closed

Closed

Buildingsselect an option

Closed

Not Closed

Equipmentselect an option

Not Closed

Closed

Accounts Payableselect an option

Not Closed

Closed

Unearned Rent Revenueselect an option

Closed

Not Closed

Mortgage Payableselect an option

Not Closed

Closed

Common Stockselect an option

Not Closed

Closed

Rent Revenueselect an option

Closed

Not Closed

Salaries and Wages Expenseselect an option

Closed

Not Closed

Utilities Expenseselect an option

Closed

Not Closed

Advertising Expenseselect an option

Closed

Not Closed

Interest Expenseselect an option

Closed

Not Closed

Insurance Expenseselect an option

Closed

Not Closed

Supplies Expenseselect an option

Not Closed

Closed

Depreciation Expenseselect an option

Closed

Not Closed