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 | ||||
| | | | | | ||
| Net income | $ | 15,400 | ||||
| | | | ||||
| | ||||||
| FIGHTING ILLINI | |||||||||
| Statement of Stockholders’ Equity | |||||||||
| Common Stock | Retained Earnings | Total S. Equity | |||||||
| 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 | ) | |||||
| | | | | | | | | | |
| Ending bal., Dec. 31 | $ | 75,000 | $ | 41,700 | $ | 116,700 | |||
| | | | | | | | | | |
| | |||||||||
| 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 | ||||||||
| | | | | | | | | | ||
| Total assets | $ | 125,800 | Total liabs. and equities | $ | 125,800 | |||||
| | | | | | | |||||
| Required: |
| 1. | Record year-end closing entries. (Omit the “$” sign in your response.) |
| Date | General Journal | Debit | Credit |
| Dec. 31 | |||
| | |||
| 2. | Prepare a post-closing trial balance. (Hint: The balance of retained earnings will be the amount shown in the balance sheet.) (The items in the Trial Balance should be grouped as follows: Assets and Liabilities (in order of their liquidity) and Equity. Omit the “$” sign in your response.) |
| FIGHTING ILLINI | ||
| Post-Closing Trial Balance | ||
| Accounts | Debit | Credit |
| $ | ||
| $ | ||
| | | |
| Totals | $ | $ |
| | | |
| | ||
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