Reference no: EM132747799

Question - SANDHILL FISHING CENTRE Adjusted Trial Balance March 31, 2021

Debit Credit

Cash $8,000

Interest receivable 650

Supplies 1,500

Long-term investments 28,000

Land 47,000

Building 175,000

Accumulated depreciation-building $31,000

Equipment 35,000

Accumulated depreciation-equipment 18,500

Accounts payable 5,500

Interest payable 1,050

Unearned revenue 2,030

Notes payable ($6,000 must be paid in February, 2022) 65,400

R. Falkner, capital 151,420

R. Falkner, drawings 46,000

Service revenue 125,500

Interest revenue 1,500

Depreciation expense 9,900

Interest expense 3,950

Insurance expense 4,600

Salaries expense 31,500

Supplies expense 5,500

Utilities expense 5,300

$401,900 $401,900

Required -

a) Prepare income statement for the year ended March 31, 2021?

b) Prepare statement of owner's equity. The owner, Rachael Falkner, invested $2,200 cash in the business during the year.

c) Prepare classified balance sheet.

d) Prepare closing entries.