The unadjusted trial balance of Farrell Investment Advisers at December 31, 2016, follows: E (Click the icon to view the unadjusted trial balance.) Adjustment data at December 31, 2016: Click the icon to view the adjustments.) Requirements 1. Prepare a worksheet for Farrell Investment Advisers at December 31, 2016. 2. Prepare the income statement, the statement of owner's equity, and the classified balance sheet in account format. Assume that there were no contributions made by the owner during the year. 3. Prepare closing entries. Requirement 1. Prepare a worksheet for Farrell Investment Advisers at December 31, 2016. The unadjusted balances have been entered for you in the trial balance columns of the worksheet. Complete the worksheet one section at a time beginning with the Adiustments section. Enter the adjustments along with the adj complete the Adjusted Trial Balance. Lastly, complete the worksheet by preparing the Income Statement and Balance Sheet columns. B (Click the icon to view the abbreviations used.) More Info Farrell Investment Advisers Worksheet a. December 31, 2016 b. Income Balance Unadjusted Trial Balance Adjusted Trial Balance Unearned Revenue earned during the year, $200 Office Supplies on hand, $2,000. Depreciation for the year, $2,000. Accrued Salaries Expense, $5,000. Accrued Service Revenue, $10,000. C Adjustments Statement Sheet d. Debit Acct. Title Credit Debit Credit Debit Credit e. Debit Credit Debit Credit Cash 31,000 42,000 A/R Print Done Office Supp. 4.000 20,000 Equipment A/D-Equip 12.000 Data Table - X The unadjusted trial balance of Farrell Investment Advisers at December 31, 2016, follows: (Click the icon to view the unadjusted trial balance.) Adjustment data at December 31, 2016: (Click the icon to view the adjustments.) Requirements 1. Prepare a worksheet for Farrell Investment Advisers at December 31, 2016. 2. Prepare the income statement, the statement of owner's equity, and the classified balance sheet in account fo 3. Prepare closing entries. Unadjusted Adjusted Income Trial Balance Adjustments Trial Balance Statement Farrell Investment Advisers Unadjusted Trial Balance December 31, 2016 Account Title Balance Debit Credit 31,000 Cash $ Acct. Title Debit Credit Debit Credit Debit Credit Debit Credit Deb 42.000 Cash 31,000 4,000 42.000 20,000 4.000 $ 12,000 AR Office Supp Equipment A/D-Equip A/P 20,000 15,000 12,000 15,000|| 5,000 Salaries Pay 19,000 Accounts Receivable Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Farrell, Capita Farrell, Withdrawals Service Revenue Insurance Expense Salaries Expense Supplies Expense Interest Expense Rent Expense Unearn. Rev. 5.000 41,000 N/P(1/t) 19.000 33,000 Farrell, Cap. 41.000 89,000 Farrell, W/D 33,000 2,000 Service Rev. 89,000 36,000 2,000 9,000 4,000 36,000 Ins. Exp. Salaries Exp. Supplies Exp. Interest Exp. Depreciation Expense-Equipment 9,000 $ 181,000 $ Total 181,000 Rent Exp. 4,000 Print Done Choose from any list or enter any number in the input fields and then continue to the next question. The unadjusted trial balance of Farrell Investment Advisers at December 31, 2016, follows: Click the icon to view the unadjusted trial balance.) Adjustment data at December 31, 2016: (Click the icon to view the adjustments.) Requirements 1. Prepare a worksheet for Farrell Investment Advisers at December 31, 2016. 2. Prepare the income statement, the statement of owner's equity, and the classified balance sheet in account format. Assume that there were no contributions made by the owner during the year. 3. Prepare closing entries. Unadjusted Income Balance Trial Balance Adjustments Trial Balance Statement Sheet Acct. Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Adjusted Cash 31,000 42,000 4.000 20.000 12,000 15.000 AR Office Supp Equipment A/D-Equip A/P Salaries Pay Unearn. Rev. N/P(1/t) Farrell, Cap. Farrell, W/D Service Rev. 5.000 19,000 41,000 OOOOOOOOOOOOOOOOOO 33,000 89.000 2,000 36,000 Ins. Exp. Salaries Exp. Supplies Exp. Interest Exp. Rent Exp 9,000 4.000 Choose from any list or enter any number in the input fields and then continue to the next question. The unadjusted trial balance of Farrell Investment Advisers at December 31, 2016, follows: (Click the icon to view the unadjusted trial balance.) Adjustment data at December 31, 2016: Click the icon to view the adjustments.) Requirements 1. Prepare a worksheet for Farrell Investment Advisers at December 31, 2016. 2. Prepare the income statement, the statement of owner's equity, and the classified balance sheet in account format. Assume that there were no contributions made by the owner during the year. 3. Prepare closing entries. Depr. Exp. Total 181,000|| 181,000 Net income or loss Requirement 2. Prepare the income statement, the statement of owner's equity, and the classified balance sheet in account format. Assume that there were no contributions made by the owner during the year. Begin by preparing the income statement. Review the Income Statement columns of the worksheet completed in Requirement 1. Farrell Investment Advisers Income Statement Year Ended December 31, 2016 Choose from any list or enter any number in the input fields and then continue to the next question. The unadjusted trial balance of Farrell Investment Advisers at December 31, 2016, follows: E: (Click the icon to view the unadjusted trial balance.) Adjustment data at December 31, 2016: (Click the icon to view the adjustments.) Requirements 1. Prepare a worksheet for Farrell Investment Advisers at December 31, 2016. 2. Prepare the income statement, the statement of owner's equity, and the classified balance sheet in account format. Assume that there were no contributions made by the owner during the year. 3. Prepare closing entries. Prepare the statement of owner's equity. Assume that there were no contributions made by the owner during the year. Enter any increases in capital prior to the subtotal and any decreases to capital below the subtotal. (Use a minus sign or parentheses to show period from the statement of owner's equity) Review the Balance Sheet columns of the worksheet completed in Requirement 1 Farrell Investment Advisers Statement of Owner's Equity Year Ended December 31, 2016 Farrell, Capital, January 1, 2016 Farrell, Capital, December 31, 2016 Prepare the classified balance sheet in account format on December 31, 2016. (If a box is not used in the balance sheet, leave the box empty; do not select a label or enter a zero. Abbreviations used: Depr.= Depreciation; Equip.Equipment.) Review the Balance Sheet columns of the worksheet completed in Requirement 1. Review the Statement of Owner's Equity completed above. Farrell Investment Advisers Balance Sheet December 31, 2016 Assets Liabilities Choose from any list or enter any number in the input fields and then continue to the next question. The unadjusted trial balance of Farrell Investment Advisers at December 31, 2016, follows: (Click the icon to view the unadjusted trial balance.) Adjustment data at December 31, 2016: (Click the icon to view the adjustments.) Requirements 1. Prepare a worksheet for Farrell Investment Advisers at December 31, 2016 2. Prepare the income statement, the statement of owner's equity, and the classified balance sheet in account format. Assume that there were no contributions made by the owner during the year. 3. Prepare closing entries. Less: Owner's Equity Requirement 3. Prepare closing entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by closing revenues. Review the Income Statement columns of the worksheet completed in Requirement 1. Date Accounts and Explanation Credit Debit Dec. 31 Clos. (1) Close expenses for the period. Review the Income Statement columns of the worksheet completed in Requirement 1. Date Accounts and Explanation Debit Credit Dec. 31 Choose from any list or enter any number in the input fields and then continue to the next question. The unadjusted trial balance of Farrell Investment Advisers at December 31, 2016, follows: (Click the icon to view the unadjusted trial balance.) Adjustment data at December 31, 2016: (Click the icon to view the adjustments.) Requirements 1. Prepare a worksheet for Farrell Investment Advisers at December 31, 2016 2. Prepare the income statement, the statement of owner's equity, and the classified balance sheet in account format. Assume that there were no contributions made by the owner during the year. 3. Prepare closing entries. Close Income Summary Review the Income Statement columns of the worksheet completed in Requirement 1. Date Accounts and Explanation Debit Credit Dec. 31 Clos. (3) Close withdrawals. Review the Balance Sheet columns of the worksheet completed in Requirement 1. Date Accounts and Explanation Debit Credit Dec. 31 Clos. (4) Choose from any list or enter any number in the input fields and then continue to the next