Question

The adjusted trial balance of Edmond Real Estate Appraisal at June 30, 2018, follows: : (Click the icon to view the adjusted trial balance.) Read the requirements Requirement 1. Prepare the company's income statement for the year ended June 30, 2018. (If a box is not used in the statement, leave the box empty; do not select a label or enter a zero. Use a minus sign or parentheses to show a net loss.) Edmond Real Estate Appraisal Income Statement Year Ended June 30, 2018 Choose from any list or enter any number in the input fields and then click Check Answer. parts remaining Clear All Check Answer

Answer 1

1)
Edmond Real Estate Appraisal
Income Statement
Year Ended June 30, 2018
Revenues:
Service Revenue		$47,500
Less: Expenses:
Insurance expense	($4,600)
Salaries expense	($30,500)
Supplies expense	($1,000)
Interest expense	($8,700)
Utilities expense	($2,800)
Depreciation expense - building	($8,100)
Total expenses		($55,700)
Net Loss		($8,200)
2)
Edmond Real Estate Appraisal
Statement of Owner's Equity
Year Ended June 30, 2018
Edmond, Capital	$41,000
Less: Net Loss	($8,200)
Less: Edmond, Withdrawals	($27,400)
Total owner's equity	$5,400
3)
Edmond Real Estate Appraisal
Balance Sheet
As on June 30th 2018
Assets
Current Assets:
Cash		$5,000
Accounts Receivable		$5,000
Office Supplies		$2,500
Prepaid Insurance		$2,600
Total Current Assets			$15,100
Property, plant and equipment:
Land		$13,900
Building	$81,000
Less: Accumulated Depreciation - Building	($26,400)	$54,600
Total Property, plant and equipment			$68,500
Total Assets			$83,600
Liabilities and Owner's Equity
Liabilities
Current Liabilities:
Accounts Payable		$19,500
Interest Payable		$8,700
Salaries Payable		$1,800
Unearned Revenue		$4,200
Total Current Liabilities			$34,200
Long-term Liabilities:
Notes Payable (long-term)		$44,000
Total Long-term Liabilities			$44,000
Total Liabilities			$78,200
Total Owner's Equity			$5,400
Total Liabilities and Owner's Equity			$83,600

4) Closing Entries
Date	Account Titles and Explanation	Debit	Credit
Jun. 30	Service Revenue	$47,500
	Income Summary		$47,500
	(To close revenue accounts)
Jun. 30	Income Summary	$55,700
	Insurance expense		$4,600
	Salaries expense		$30,500
	Supplies expense		$1,000
	Interest expense		$8,700
	Utilities expense		$2,800
	Depreciation expense - building		$8,100
	(To close expense accounts)
Jun. 30	Edmond, Capital	$8,200
	Income Summary ($55,700 - $47,500)		$8,200
	(To close income summary)
Jun. 30	Edmond, Capital	$27,400
	Edmond, Withdrawals		$27,400
	(To close the drawings)

Note: As per Chegg guidelines, the first four sub parts should be answered so i have answered the first four sub parts, hence, please post the remaining sub parts separately.

Please do not give me the negative rating for not answering all the sub parts as i just followed the Chegg guidelines and also it is taking more time to answer each sub part.