accounting homework help 460547
Aug 29, 2021 | Uncategorized
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 |
|
|
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|
| Supplies |
|
9,100 |
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| Rent |
|
7,500 |
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| Delivery |
|
3,700 |
|
|
69,300 |
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| |
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| Net income |
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|
|
$ |
15,400 |
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| 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 |
) |
| |
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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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| 1. |
Record year-end closing entries. (Omit the “$” sign in your response.) |
| Date |
General Journal |
Debit |
Credit |
| Dec. 31 |
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| 2. |
Prepare a post-closing trial balance. (Hint: The balance of retained earnings will be the amount shown in the balance sheet.) (The items in the Trial Balance should be grouped as follows: Assets and Liabilities (in order of their liquidity) and Equity. Omit the “$” sign in your response.)
|
| FIGHTING ILLINI |
| Post-Closing Trial Balance |
| Accounts |
Debit |
Credit |
| |
$ |
|
| |
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| |
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| |
|
$ |
| |
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| Totals |
$ |
$ |
| |
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