Requirements 1. Prepare the company\'s income statement for the year ended June

Question

Requirements 1. Prepare the company's income statement for the year ended June 30, 2018. 2. Prepare the company's statement of owner's equity for the year ended June 30, 2018. 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. 2018 4. Journalize the closing entries 5. T-accounts have been opened using the balances from the adjusted trial balance. Post the closing entries to the T-accounts 6. Prepare the company's post-closing trial balance at June 30 2018

Explanation / Answer

1)

Eldrich Real estate Appraisal

Income statement

for the year ended 30 June 2018

2)

Eldrich Real estate Appraisal

statement of owners equity

for the year ended 30 June 2018

3)

Eldrich Real estate Appraisal

Balance sheet

as on 30 June 2018

4)

Eldrich Real estate Appraisal

Income statement

for the year ended 30 June 2018

Service revenue 48600 Less:Operating expense Insurance expense 4100 salaries expense 33800 supplies epense 100 Interest expense 8100 Utilities expense 2100 Depreciation expense -Building 8300 Total Operating expense 56500 Net Income /(loss) (7900)

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