Reference no: EM132476688
The following trial balance and additional data are for Florida Time-Share Property Management Company:
FLORIDA TIME-SHARE PROPERTY MANAGEMENT COMPANY
Trial Balance
December 31
Debits Credits
Cash $464,000
Prepaid Rent 28,800
Prepaid Insurance 7,680
Supplies on Hand 2,400
Office Equipment 24,000
Accumulated Depreciation-Office Equipment $ 5,760
Automobiles 64,000
Accumulated Depreciation-Automobiles 16,000
Accounts Payable 2,880
Unearned Management Fees 12,480
Capital Stock 360,000
Retained Earnings, January 1 120,640
Dividends 28,000
Commissions Revenue 300000
Management Fee Revenue 19,200
Salaries Expense 199,840
Advertising Expense 2,400
Gas and Oil Expense 14,240
Miscellaneous Expense 1,600
$839,960 $839,960
- Insurance expense for the year, $ 3,840.
- Rent expense for the year, $ 19,200.
- Depreciation expense: office equipment, $ 2,880; and automobiles, $ 12,800.
- Salaries earned but unpaid at December 31, $ 26,640.
- Supplies on hand at December 31, $ 1,000.
- The unearned management fees were received and recorded on November 1. The advance payment covered 12 months' management of an apartment building.
Question 1. Prepare 12-column worksheet foe the year ended december 31. you need not include account number or explanation of adjustment.
Question 2. Prepare the adjusting and closing entries.
Question 3. Prepare income statement.
Question 4. Prepare statement of retained earnings.
Question 5. Prepare classified balance sheet.