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 |
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$ |
84,700 |
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Expenses: |
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Salaries |
$ |
49,000 |
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Supplies |
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9,100 |
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Rent |
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7,500 |
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Delivery |
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3,700 |
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69,300 |
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Net income |
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$ |
15,400 |
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FIGHTING ILLINI |
Statement of Stockholders’ Equity |
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Common Stock |
Retained Earnings |
Total S. Equity |
Beg. bal., Jan. 1 |
$ |
60,000 |
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$ |
32,300 |
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$ |
92,300 |
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Issue stock |
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15,000 |
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15,000 |
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Net income |
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15,400 |
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15,400 |
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Dividends |
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(6,000 |
) |
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(6,000 |
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Ending bal., Dec. 31 |
$ |
75,000 |
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$ |
41,700 |
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$ |
116,700 |
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FIGHTING ILLINI |
Balance Sheet |
Assets |
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Liabilities |
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Cash |
$ |
6,600 |
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Accounts payable |
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$ |
9,100 |
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Accounts receivable |
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9,200 |
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Stockholders’ Equity |
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Land |
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110,000 |
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Common stock |
$ |
75,000 |
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Retained earnings |
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41,700 |
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116,700 |
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Total assets |
$ |
125,800 |
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Total liabs. and equities |
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$ |
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.)
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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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