Reference no: EM132463412

Firefly, Inc began operations in January 2018. Below is the Adjusted Trial Balance as of December 31, 2018.

This trial balance is scrambled, with the accounts in random order, but all debits and credits are correct.

Complete the following:

Question 1) For each account, label which ?nancial statement it will appear (Income Statement, Balance Sheet, or Statement of Retained Earnings). Additionally, if it is an Income Statement account, label it as a Revenue or Expense. If it is a Balance Sheet account, label it with its proper classification (Current Asset, Long Term Investment, Property/Plant/Equipment, Intangible, Current Liability, Long Term Liability, or Equity).

Question 2) Prepare the Income Statement, Statement of Retained Earnings, and Classi?ed Balance Sheet for Firefly, Inc for the year ending December 31, 2018.

Question 3) Prepare all closing entries in proper order.

Question 4) Prepare Post-Close Trial Balance. Firefly, Inc.

BuiIding Utitlty Expense 'Prep.*ld Insurance		Debit $            550.000 4,700 7,300	Credit
Common Stock			S         400,000
Interest Payable			1.700
Salary Payable			5,600
nterest Expense		24,000
Accounts Receivable		23,700
Notes Payable (2 year)			350,000
Supply Expense		10,500
Unearned Revenue			22.500
Insurance Expense		12,800
Supplies		2200
Salary Expense		98,000
Cash		165,400
Land		300,000
Accumulated Deprecation	Bundmig		26.000
Service Revenue			560.000
Accounts Payable			34,403
Dividends		175,000
Depreciation Expense		26,000
		1.400.200	1.400.200