The adjusted tral balance of Edmond Real Estate Appraisal at

The adjusted tral balance of Edmond Real Estate Appraisal at June 30, 2018, follows: (Click the icon to view the adjusted trial balance.) Read the reguirements. Data Table Requirement 1. Prepare the company\'s income statement for the year ended June 30, 2018. (If a box is not u Use a minus sign or parentheses to show a net loss.) Edmond Real Estate Income Statement Year Ended June 30, 2018 Edmond Real Estate Appraisal Adjusted Trial Balance June 30, 2018 Account Title Cash Debit Credit S 4,400 5,700 2,500 2,000 13,400 83,000 Office Supplies Prepaid Insurance Land Accounts Payable Interest Payable Salaries Payable Unearned Revenue Notes Payable (long- $ 25,400 20,200 8,700 2,200 10,400 37,000 1,000 41,000 Net Income (Loss) Common Stock Requirement 2. Prepare the company\'s statement of retained earnings for the year ended June 30, 2018. (Use Retained Earnings 26,700 Edmond Real Estate Statement of Retained Earnings Service Revenue Insurance Expense Salaries Expense Supplies Expense Interest Expense Utilities Expense 49,000 4,800 32,000 500 8,700 2,900 Year Ended June 30, 2018 Retained Earnings, July 1, 2017 Retained Earnings, June 30, 2018 8,300 Requirement 3. Prepare the company\'s classified balance sheet in report form at June 30, 2018. (If a box is noTote S 194,900 $ 194,900

Solution

Answer 1. Edmond Real Estate Appraisal Income Statement Year Ended June 30, 2018 Revenues: Service Revenue        49,000.00 Expenses Insurance Expenses        4,800.00 Salaries Expenses      32,000.00 Supplies Expenses            500.00 Interest Expense        8,700.00 Utilities Expense        2,900.00 Depreciation Expense - Building        8,300.00 Total Expenses        57,200.00 Net Income (Loss)        (8,200.00) Answer 2. Edmond Real Estate Appraisal Statement of Retained Earnings Year Ended June 30, 2018 Retained Earnings - July 1, 2017      41,000.00 Net Income (Loss)      (8,200.00) Dividends    (26,700.00) Retained Earnings - June 30, 2018        6,100.00 Answer 3. Edmond Real Estate Appraisal Balance Sheet June 30, 2018 Assets Current Assets Cash          4,400.00 Accounts Receivable          5,700.00 Office Supplies          2,500.00 Prepaid Insurance          2,000.00 Total Current Assets        14,600.00 Property, Plant & Equipment Land        13,400.00 Building      83,000.00 Accumulated Depreciation - Building    (25,400.00)        57,600.00 Total Property, Plant & Equipment        71,000.00 Total Assets        85,600.00 Liabilities & Stockholders\' Equity Liabilities Current Liabilities Accounts Payable        20,200.00 Interest Payable          8,700.00 Salaries Payable          2,200.00 Unearned Revenue        10,400.00 Total Current Liabilities        41,500.00 Long-Term Liabilities Notes Payable (Long-Term)        37,000.00 Total Liabilities        78,500.00 Stockholders\' Equity Common Stock          1,000.00 Retained Earnings          6,100.00 Total Stockholders\' Equity          7,100.00 Total Liabilities & Stockholders\' Equity        85,600.00 Answer 4. Journal Entry Date Particulars Dr. Amt. Cr. Amt. 30-Jun Clos. (1) Service Revenue      49,000.00 Income Summary      49,000.00 (Record to close revenues) Clos. (2) Income Summary      57,200.00 Insurance Expenses        4,800.00 Salaries Expenses      32,000.00 Supplies Expenses            500.00 Interest Expense        8,700.00 Utilities Expense        2,900.00 Depreciation Expense - Building        8,300.00 (Record the close of expenses) Clos. (3) Retained Earnings        8,200.00 Income Summary        8,200.00 (record to close the Income Summary) Clos. (4) Retained Earnings      26,700.00 Dividends      26,700.00 (record to close the Dividends)