Problems Group A P4-27A Preparing financial statements including a classified balance sheet in report form, preparing and posting closing entries, and preparing a post-closing trial balance The adjusted trial balance of Elias Real Estate Appraisal at June 30, 2014 follows: Learning Objectives 1, 3, 4 Net Loss $(8,700) Account Title Cash Debit 4,900 Accounts Receivable Debit 5,300 Office Supplies Debit 2,400 Prepaid Insurance Debit 1,800 Building Debit 74,400 Accumulated Depreciation—Building Credit 26,700 Land Debit 13,600 Accounts Payable Credit 19,500 Interest Payable Credit 8,800 Salaries Payable Credit 2,200 Unearned Revenue Credit 1,300 Notes Payable (long-term) Credit 40,000 Elias, Capital Credit 40,500 Elias, Withdrawals Debit 27,900 Service Revenue Credit 48,200 Insurance Expense Debit 4,500 Salaries Expense Debit 33,300 Supplies Expense Debit 600 Interest Expense Debit 8,800 Utilities Expense Debit 2,200 Depreciation Expense—Building Debit 7,500 Total Debit 187,200 Credit 187,200 ELIAS REAL ESTATE APPRAISAL Adjusted Trial Balance June 30, 2014 Requirements 1. Prepare the company's income statement for the year ended June 30, 2014 2. Prepare the company's statement of owner's equity for the year ended June 30, 2014. 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, 2014. 4. Journalize the closing entries. 5. Open the T-accounts using the balances from the adjusted trial balance and post the closing entries to the T-accounts. 6. Prepare the company's post-closing trial balance at June 30, 2014.
Excerpt from file: ELIASREALESTATEAPPRAISAL IncomeStatement YearEndedJune30,2014 Revenues: ServiceRevenue Expenses: SalariesExpense InterestExpense DepreciationExpenseBuilding InsuranceExpense UtilitiesExpense SuppliesExpense TotalExpenses NetLoss 33,300 8,800...
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