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Last Chance Company offers legal consulting advice to prison inmates. Last Chance prepared the end-of-period spreadsheet that follows at June 30, 20Y3, the end of the fiscal year.

	Last Chance Company
	End-of-Period Spreadsheet
	For the Year Ended June 30, 20Y3
	Unadjusted				Adjusted
	Trial Balance		Adjustments		Trial Balance
Account Title	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash	5,100				5,100
Accounts Receivable	22,750		3,750		26,500
Prepaid Insurance	3,600			1,300	2,300
Supplies	2,025			1,500	525
Land	80,000				80,000
Building	340,000				340,000
Accum. Depr.—Building		190,000		3,000		193,000
Equipment	140,000				140,000
Accum. Depr.—Equipment		54,450		4,550		59,000
Accounts Payable		9,750				9,750
Salaries & Wages Payable				1,900		1,900
Unearned Rent		4,500	3,000			1,500
Common Stock		90,000				90,000
Retained Earnings		271,300				271,300
Dividends	20,000				20,000
Fees Earned		280,000		3,750		283,750
Rent Revenue				3,000		3,000
Salaries & Wages Expense	145,100		1,900		147,000
Advertising Expense	86,800				86,800
Utilities Expense	30,000				30,000
Travel Expense	18,750				18,750
Depr. Exp.—Equipment			4,550		4,550
Depr. Exp.—Building			3,000		3,000
Supplies Expense			1,500		1,500
Insurance Expense			1,300		1,300
Misc. Expense	5,875				5,875
	900,000	900,000	19,000	19,000	913,200	913,200

Required:

1. Prepare an income statement for the year ended June 30, 20Y3.

Last Chance Company
Income Statement
For the Year Ended June 30, 20Y3
Revenues:
	$
Total revenues		$
Expenses:
	$
Total expenses
		$

2. Prepare a statement of stockholders’ equity for the year ended June 30, 20Y3. During the year ended June 30, 20Y3, additional common stock of $20,000 was issued. If an amount box does not require an entry, leave it blank. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign.

Last Chance Company
Statement of Stockholders' Equity
For the Year Ended June 30, 20Y3
	Common Stock	Retained Earnings	Total
	$	$	$
	$	$	$

3. Prepare a balance sheet as of June 30, 20Y3.

Last Chance Company
Balance Sheet
June 30, 20Y3
Assets
Current assets:
		$
Total current assets			$
Property, plant, and equipment:
		$
	$
	$
Total property, plant, and equipment
Total assets			$
Liabilities
Current liabilities:
		$
Total liabilities			$
Stockholders' Equity
		$
Total stockholders' equity
Total liabilities and stockholders' equity			$

4. On the basis of the end-of-period spreadsheet, journalize the closing entries. If an amount box does not require an entry, leave it blank.

20Y3 Jun. 30
20Y3 Jun. 30

5. Prepare a post-closing trial balance. List the accounts as: Assets, Liabilities, Capital, Dividends, Revenue and Expenses. If an amount box does not require an entry, leave it blank.

Last Chance Company
Post-Closing Trial Balance
June 30, 20Y3
	Debit Balances	Credit Balances

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