50.1K

Verified Solution

Link Copied!

Last Chance Company offers legal consulting advice to prison inmates. Last Chance Company prepared the end-of-period spreadsheet that follows at June 30,20Y1, the end of the fiscal year: Last Chance Company End-of-Period Spreadsheet Chapter 4 HW Assignments Equipment 140,000 140,000 Accum, Depr,-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Tami Garrigan, Capital Tami Garrigan, Drawing Fees Earned Rent Revenue Salaries and Wages Expense Advertising Expense Utulities Expense Travel Expense Depr, Exp. - Equipment Depr. Exp,-Building Suppties Expense insurance Expense 54,450 9,750 9,750 (e) 4,550 (f) 1,900 4,500 (g) 3,000 361,300 20,000 (a) 3,750 20,000 (g) 3,000 (f) 1,900 86,800 30,000 18,750 (e) 4,550 (d) 3,000 (c) 1,500 (b) 1,300 59,000 9,750 1,900 1,500 361,300 283,750 3,000 147,000 86,800 30,000 18,750 4,550 3,000 1,500 1,300 1. Prepare an income statement for the year ended June 30 . 2. Prepare a statement of owner's equity for the year ended June 30. No additional investments were made during the year. 3. Prepare a boiance sheet as of June 30 . Last Chance Company Balance sheet june 30,20 r 1 3. Prebare a balance shept as nf line zn Chapter 4 HW Assignments Liabinties Current liabilities: Total liabilities Owner's Equity Total Gabilities and owner's 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. June. 30 5. Prepare a post-closing trial balance. If an amount box does not require an entry, leave it blank, 5. Prepare a post-closing trial balance. If an amount box does not require an entry, leave it blank. Last Chance Company Post-Closing Trial Balance

Answer & Explanation Solved by verified expert

See Answer