I c a g, when should it recor Dictionary GOU Por GCU Portal oudo 251 of 1039 4 P

Question

I c a g, when should it recor Dictionary GOU Por GCU Portal oudo 251 of 1039 4 P4-28A Preparing financial statements incduding a dlasifited balance sheet in and posting closing entries, and preparing a report form, p post-closing trial balance of Elmo Real Estate Appraisal at june 30, 2016, fo ELMO REAL ESTATE APPRAISAL Adjusted Trial Balance June 30, 2016 Balance Account Tite Debit Credit Accounts Receivable Office Supplies Prepaid Insurance Building Accumulated Depreciation- B $ 4,900 4,800 2,700 1,900 79,000 12,600 Accounts Payable Interest Payable Salaries Payable Unearned Revenue Notes Payable (long- Elmo, Capital Elmo, Withdrawals Service Revenue Insurance Expense Salaries Expense Supplies Expense 19,300 1,700 42,000 43,000 48,400 4,000 33.900 200 2,800 7300 Depreciation E Total S 190,100S 190,100 glish (US)

Explanation / Answer

Hey there !!

In this question, we have the trial balance with us already ! So we just need to prepare income statement and Balance sheet from the trial balance itself :)

First we will prepare the Income statement by posting items of Revenue and expenses from the trial to our income statment.

Have a look !!

Now we will post this loss to the owner's capital and prepare the balance sheet.

Always remember that the Total of Assets side of balance sheet equals to the liabilities side. Both of them should match...

Now, if you have any queries...do let me know...i'll be happy to help..

all the best :)

Income Statement of Elmo Real Estate Particulars Amount Service Revenue      44,400 Less Cost of Goods Sold Supplies 200 Gross Profit      44,200 Less Expenses : Insurance Expense    33,900 InteresT Expense 8300 Utilities Expense 2800 Depereciaiton Building 7900      52,900 Net Profit/ Loss       -8,700

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