ACC 201 Great Basin College Income Statement of Reno Architects Inc Worksheet
Using the Excel file provided below as a starting point, or by creating your own Excel file, complete the following problem, and submit your assignment as an attachment here. Be sure to save your work before you submit, and present your work in a reasonable format with major answers highlighted. Because you have plenty of time to do this assignment, and given that the textbook is available for your use, this assignment should really be close to perfect.
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The adjusted trial balance for Reno Architects, Inc., as of December 31, 2019, follows:
| Debit | Credit | |
| Cash | 45,000 | |
| Accounts Receivable | 10,000 | |
| Interest Receivable | 100 | |
| Notes Receivable (short term) | 6,000 | |
| Prepaid Insurance | 940 | |
| Prepaid Rent | 2,400 | |
| Supplies on Hand | 400 | |
| Equipment | 40,000 | |
| Accumulated Depreciation | 24,000 | |
| Land | 10,000 | |
| Accounts Payable | 27,000 | |
| Notes Payable (short term) | 4,000 | |
| Interest Payable | 700 | |
| Salaries Payable | 3,400 | |
| Capital Stock | 10,000 | |
| Retained Earnings, Jan. 1, 2019 | 16,000 | |
| Dividends | 6,000 | |
| Service Revenue | 151,480 | |
| Insurance Expense | 1,920 | |
| Rent Expense | 13,200 | |
| Advertising Expense | 600 | |
| Depreciation Expense | 6,000 | |
| Supplies Expense | 1,600 | |
| Salaries Expense | 92,000 | |
| Interest Expense | 620 | |
| Interest Revenue | 200 | |
| Totals | 236,780 | 236,780 |
Required:
A. Prepare the income statement for the year ended Dec. 31, 2019.
B. Prepare the statement of retained earnings for the year ended Dec. 31, 2019.
C. Prepare the balance sheet as of Dec. 31, 2019.
D. Prepare the closing entries for Dec. 31, 2019.
E. Prepare the post-closing trial balance as of Dec. 31, 2019.
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Here is a very rough document that you might use to get you started on this assignment. Please feel free to modify it to the extent necessary to complete this assignment. In doing so, please change the name of the file to include your name before submitting it.
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