The adjusted trial balance for Marine Fishing Centre is as follows:

Instructions
(a) Prepare an income statement for the year ended March 31, 2017.
(b) Prepare a statement of owner's equity. The owner, Rachael Falkner, invested $2,300 cash in the business during the year. (The investment has been recorded and it is included in the capital account.)
(c) Prepare a classified balance sheet.
(d) Prepare closing entries.
(e) Use T accounts to post the closing entries and calculate the balance in each account. (Ignore the accounts not affected by the closing entries.)
(f) 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.
Taking It Further
What alternatives should be considered when deciding on the presentation of information in the classified balance sheet?

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MARINE FISHING CENTRE Adjusted Trial Balance March 31, 2017 Debit Credit Cash Interest receivable Supplies Debt investments Land Building Accumulated depreciation-building Equipment Accumulated depreciation-equipment Accounts payabl Interest payable Unearned revenue Notes payable ($6,000 must be paid in 2018) R. Falkner, capital R. Falkner, drawings Service revenue Interest revenue Depreciation expense Interest expense Insurance expense Salaries expense Supplies expense Utilities expense $ 7,720 750 1,425 30,000 46,800 186,900 $ 31,150 36,200 18,100 5,875 990 2,190 66,000 165,300 46,200 124,300 1,500 9,850 3,960 4,500 30,000 5,700 5,400 $415,405 $415,405