Financial Statements and Closing Entries
Last Chance Company offers legal consulting advice to prison inmates. Last Chance Company prepared the end-of-period spreadsheet that follows at June 30, 2019, the end of the fiscal year:
Last Chance Company | ||||||||
End-of-Period Spreadsheet | ||||||||
For the Year Ended June 30, 2019 | ||||||||
Unadjusted | Adjusted | |||||||
Trial Balance | Adjustments | Trial Balance | ||||||
Account Title | Dr. | Cr. | Dr. | Cr. | Dr. | Cr. | ||
Cash | 5,100 | 5,100 | ||||||
Accounts Receivable | 22,750 | (a) | 3,750 | 26,500 | ||||
Prepaid Insurance | 3,600 | (b) | 1,300 | 2,300 | ||||
Supplies | 2,025 | (c) | 1,500 | 525 | ||||
Land | 80,000 | 80,000 | ||||||
Building | 340,000 | 340,000 | ||||||
Accum. Depr.—Building | 190,000 | (d) | 3,000 | 193,000 | ||||
Equipment | 140,000 | 140,000 | ||||||
Accum. Depr.—Equipment | 54,450 | (e) | 4,550 | 59,000 | ||||
Accounts Payable | 9,750 | 9,750 | ||||||
Salaries & Wages Payable | (f) | 1,900 | 1,900 | |||||
Unearned Rent | 4,500 | (g) | 3,000 | 1,500 | ||||
Tami Garrigan, Capital | 361,300 | 361,300 | ||||||
Tami Garrigan, Drawing | 20,000 | 20,000 | ||||||
Fees Earned | 280,000 | (a) | 3,750 | 283,750 | ||||
Rent Revenue | (g) | 3,000 | 3,000 | |||||
Salaries & Wages Expense | 145,100 | (f) | 1,900 | 147,000 | ||||
Advertising Expense | 86,800 | 86,800 | ||||||
Utilities Expense | 30,000 | 30,000 | ||||||
Travel Expense | 18,750 | 18,750 | ||||||
Depr. Exp.—Equipment | (e) | 4,550 | 4,550 | |||||
Depr. Exp.—Building | (d) | 3,000 | 3,000 | |||||
Supplies Expense | (c) | 1,500 | 1,500 | |||||
Insurance Expense | (b) | 1,300 | 1,300 | |||||
Misc. Expense | 5,875 | 5,875 | ||||||
900,000 | 900,000 | 19,000 | 19,000 | 913,200 | 913,200 |
Required:
1. Prepare an income statement for the year ended June 30.
Last Chance Company | ||
Income Statement | ||
For the Year Ended June 30, 2019 | ||
Revenues: | ||
$ | ||
Total revenues | $ | |
Expenses: | ||
$ | ||
Total expenses | ||
$ |
2. Prepare a statement of owner's equity for the year ended June 30. No additional investments were made during the year.
Last Chance Company | ||
Statement of Owner's Equity | ||
For the Year Ended June 30, 2019 | ||
$ | ||
$ | ||
$ |
3. Prepare a balance sheet as of June 30.
Last Chance Company | |||
Balance Sheet | |||
June 30, 2019 | |||
Assets | |||
Current assets: | |||
$ | |||
Total current assets | $ | ||
Property, plant, and equipment: | |||
$ | |||
$ | |||
$ | |||
Total property, plant, and equipment | |||
Total assets | $ | ||
Liabilities | |||
Current liabilities: | |||
$ | |||
Total liabilities | $ | ||
Owner's Equity | |||
Total liabilities and owner's equity | $ |
4. On the basis of the end-of-period spreadsheet, journalize the closing entries. For a compound transaction, if a box does not require an entry, leave it blank.
June. 30 | |||
June. 30 | |||
5. Prepare a post-closing trial balance. If a box does not require an entry, leave it blank.
Last Chance Company | ||
Post-Closing Trial Balance | ||
June 30, 2019 | ||
Debit Balances | Credit Balances | |
1.
Income Statement | ||
Revenue | ||
Fees Earned | $ 283,750 | |
Rent Revenue | $ 3,000 | |
Total Revenue | $ 286,750 | |
Expenses | ||
Salaries & Wages Expense | $ 147,000 | |
Advertising Expense | $ 86,800 | |
Utilities Expense | $ 30,000 | |
Travel Expense | $ 18,750 | |
Depr. Exp.—Equipment | $ 4,550 | |
Depr. Exp.—Building | $ 3,000 | |
Supplies Expense | $ 1,500 | |
Insurance Expense | $ 1,300 | |
Misc. Expense | $ 5,875 | |
Total Expenses | $ 298,775 | |
Net Income / (Loss) | $ (12,025) |
2.
Statement of Owner's Equity | |
Beginning Balance, Capital | $ 361,300 |
Add : Net Income | $ (12,025) |
$ 349,275 | |
Less : Drawings | $ 20,000 |
Ending Balance, Capital | $ 329,275 |
3.
Balance Sheet | ||
Assets | ||
Current Assets | ||
Cash | $ 5,100 | |
Accounts Receivable | $ 26,500 | |
Prepaid Insurance | $ 2,300 | |
Supplies | $ 525 | |
Total Current Assets | $ 34,425 | |
Property Plant and Equipment | ||
Land | $ 80,000 | |
Building | $ 340,000 | |
Accum. Depr.—Building | $ (193,000) | |
Equipment | $ 140,000 | |
Accum. Depr.—Equipment | $ (59,000) | |
Total Property Plant and Equipment | $ 308,000 | |
Total Assets | $ 342,425 | |
Liabilities & Owner's Equity | ||
Current Liabilities | ||
Accounts Payable | $ 9,750 | |
Salaries & Wages Payable | $ 1,900 | |
Unearned Rent | $ 1,500 | |
Total Current Liabilities | $ 13,150 | |
Owner's Equity | ||
Tami Garrigan, Capital | $ 329,275 | |
Total Owner's Equity | $ 329,275 | |
Total Liabilities & Owner's Equity | $ 342,425 |
4.
Account Titles | Debit | Credit |
Fees Earned | $ 283,750 | |
Rent Revenue | $ 3,000 | |
Tami Garrigan, Capital | $ 286,750 | |
Tami Garrigan, Capital | $ 298,775 | |
Salaries & Wages Expense | $ 147,000 | |
Advertising Expense | $ 86,800 | |
Utilities Expense | $ 30,000 | |
Travel Expense | $ 18,750 | |
Depr. Exp.—Equipment | $ 4,550 | |
Depr. Exp.—Building | $ 3,000 | |
Supplies Expense | $ 1,500 | |
Insurance Expense | $ 1,300 | |
Misc. Expense | $ 5,875 | |
Tami Garrigan, Capital | $ 20,000 | |
Tami Garrigan, Drawing | $ 20,000 |
5.
Post Closing Trial | ||
Account Title | Dr. | Cr. |
Cash | $ 5,100 | |
Accounts Receivable | $ 26,500 | |
Prepaid Insurance | $ 2,300 | |
Supplies | $ 525 | |
Land | $ 80,000 | |
Building | $ 340,000 | |
Accum. Depr.—Building | $ 193,000 | |
Equipment | $ 140,000 | |
Accum. Depr.—Equipment | $ 59,000 | |
Accounts Payable | $ 9,750 | |
Salaries & Wages Payable | $ 1,900 | |
Unearned Rent | $ 1,500 | |
Tami Garrigan, Capital | $ 329,275 | |
Total | $ 594,425 | $ 594,425 |
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Financial Statements and Closing Entries Last Chance Company offers legal consulting advice to prison inmates. Last...
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