accounting homework help 460547
The year-end financial statements of Fighting Illini Financial Services are provided below.
| FIGHTING ILLINI | ||||||
| Income Statement | ||||||
| Service revenue | $ | 84,700 | ||||
| Expenses: | ||||||
| Salaries | $ | 49,000 | ||||
| Supplies | 9,100 | |||||
| Rent | 7,500 | |||||
| Delivery | 3,700 | 69,300 | ||||
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| Net income | $ | 15,400 | ||||
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| FIGHTING ILLINI | |||||||||
| Statement of Stockholders’ Equity | |||||||||
| Common Stock |
Retained Earnings |
Total S. Equity |
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| Beg. bal., Jan. 1 | $ | 60,000 | $ | 32,300 | $ | 92,300 | |||
| Issue stock | 15,000 | 15,000 | |||||||
| Net income | 15,400 | 15,400 | |||||||
| Dividends | (6,000 | ) | (6,000 | ) | |||||
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| Ending bal., Dec. 31 | $ | 75,000 | $ | 41,700 | $ | 116,700 | |||
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| FIGHTING ILLINI | ||||||||||
| Balance Sheet | ||||||||||
| Assets | Liabilities | |||||||||
| Cash | $ | 6,600 | Accounts payable | $ | 9,100 | |||||
| Accounts receivable | 9,200 | Stockholders’ Equity | ||||||||
| Land | 110,000 | Common stock | $ | 75,000 | ||||||
| Retained earnings | 41,700 | 116,700 | ||||||||
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| Total assets | $ | 125,800 | Total liabs. and equities | $ | 125,800 | |||||
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| Required: |
| 1. | Record year-end closing entries. (Omit the “$” sign in your response.) |
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accounting homework help 460547
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| Date | General Journal | Debit | Credit |
| Dec. 31 | |||
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| 2. |
Prepare a post-closing trial balance. (Hint: The balance of retained earnings will be the amount shown in the balance sheet.) (The items in the Trial Balance should be grouped as follows: Assets and Liabilities (in order of their liquidity) and Equity. Omit the “$” sign in your response.) |
| FIGHTING ILLINI | ||
| Post-Closing Trial Balance | ||
| Accounts | Debit | Credit |
| $ | ||
| $ | ||
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| Totals | $ | $ |
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