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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 $30,20Y3$

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$\backslash$table$[[$eBook$,$Show Me How,E Print Item,,$],[$Depr$.$ Exp.$-$Equipment,$4,550,4,550],[$Depr$.$ Exp.$-$Building,$3,000,3,000],[$Supplies Expense,$1,500,1,500],[$Insurance Expense,,$1,300,\backslash$table$[[1,300],[5,875]]],[$Misc$.$ Expense,$5,875,,5,875,],[900,000,900,000,19,000,19,000,913,200,913,200]]$

Prepare an income statement for the year ended June $30,20Y3.$

Last Chance Company

Income Statement

For the Year Ended June $30,20Y3$

Line Item Description Amount Amount

Revenues:

Expenses:

$$ $

$$

$$

$$

$$

$$

$$

$$

$$

$$

$$

$$

$$

$$

$$

$$

$$

Total expenses

$q,$

$$

$$

$$

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$2.$ 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 $30,20Y3$

$\backslash$table$[[$Line Item Description,$\backslash$table$[[$Common$],[$Stock$]],\backslash$table$[[$Retained$],[$Earnings$]],$Total$],[$:$\text{'},$$$,$$$,$$

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