Question

1. Financial Statements and Closing Entries

   Last Chance Company offers legal consulting advice to prison inmates. Last Chance prepared the end-of-period spreadsheet that follows at June 30, 20Y3, the end of the fiscal year.

   	Last Chance Company
   	End-of-Period Spreadsheet
   	For the Year Ended June 30, 20Y3
   	Unadjusted				Adjusted
   	Trial Balance		Adjustments		Trial Balance
   Account Title	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
   Cash	5,100				5,100
   Accounts Receivable	22,750		3,750		26,500
   Prepaid Insurance	3,600			1,300	2,300
   Supplies	2,025			1,500	525
   Land	80,000				80,000
   Building	340,000				340,000
   Accum. Depr.—Building		190,000		3,000		193,000
   Equipment	140,000				140,000
   Accum. Depr.—Equipment		54,450		4,550		59,000
   Accounts Payable		9,750				9,750
   Salaries & Wages Payable				1,900		1,900
   Unearned Rent		4,500	3,000			1,500
   Common Stock		90,000				90,000
   Retained Earnings		271,300				271,300
   Dividends	20,000				20,000
   Fees Earned		280,000		3,750		283,750
   Rent Revenue				3,000		3,000
   Salaries & Wages Expense	145,100		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			4,550		4,550
   Depr. Exp.—Building			3,000		3,000
   Supplies Expense			1,500		1,500
   Insurance Expense			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, 20Y3.

   Last Chance Company
   Income Statement
   For the Year Ended June 30, 20Y3
   Revenues:
   	$
   Total revenues		$
   Expenses:
   	$
   Total expenses
   		$

   2. Prepare a statement of stockholders’ equity for the year ended June 30, 20Y3. During the year ended June 30, 20Y3, additional common stock of $20,000 was issued. If an amount box does not require an entry, leave it blank. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign.

   Last Chance Company
   Statement of Stockholders' Equity
   For the Year Ended June 30, 20Y3
   	Common Stock	Retained Earnings	Total
   	$	$	$
   	$	$	$

   3. Prepare a balance sheet as of June 30, 20Y3.

   Last Chance Company
   Balance Sheet
   June 30, 20Y3
   Assets
   Current assets:
   		$
   Total current assets			$
   Property, plant, and equipment:
   		$
   	$
   	$
   Total property, plant, and equipment
   Total assets			$
   Liabilities
   Current liabilities:
   		$
   Total liabilities			$
   Stockholders' Equity
   		$
   Total stockholders' equity
   Total liabilities and stockholders' equity			$

   4. On the basis of the end-of-period spreadsheet, journalize the closing entries. If an amount box does not require an entry, leave it blank.

   20Y3 Jun. 30
   20Y3 Jun. 30

   5. Prepare a post-closing trial balance. List the accounts as: Assets, Liabilities, Capital, Dividends, Revenue and Expenses. If an amount box does not require an entry, leave it blank.

   Last Chance Company
   Post-Closing Trial Balance
   June 30, 20Y3
   	Debit Balances	Credit Balances

Answer 1

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