You will only be preparing the income statement

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Unformatted text preview: Financial Statement, but is not required for this Project. Flower Landscaping Corporation Income Statement For the Month Ending March 31 Flower Landscaping Corporation Statement of Retained Earnings For the Month Ending March 31 Revenues: Landscaping Revenue $10,200 Expenses: Rent Expense Salaries Expense Insurance Expense Supplies Expense Depreciation Expense Income Tax Expense Total Expenses 4,500 2,200 275 425 150 795 8,345 Net Income $1,855 Retained Earnings, March 1 Add: Net Income Subtotal Less: Dividends Retained Earnings, March 31 Flower Landscaping Corporation Balance Sheet March 31 $1,855 1,855 1,000 $855 Assets: Cash Prepaid Insurance Supplies Equipment Less: Accum. Depr. $69,250 3,025 475 9,000 150 Total Assets 81,600 Liabilities: Accounts Payable Income Tax Payable Total Liabilities 7,950 795 8,745 Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity 72,000 855 72,855 $81,600 Requirement #8: Prepare the closing entries at March 31 in the General Journal below. Hint: use the balances for each account which appear on the Adjusted Trial Balance for your closing entries. General Journal Description (Account Name) Date 31-Mar service revenue Income summary Debit Credit 10,200 10,200 31 Income Summary Salaries expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense Income taxes Expense 8,345 31 Income Summary Retained Earning 1,855 31 Retained Earning 1,000 Dividends 2,200 425 4,500 275 150 795 1,855 1,000 Requirement #9: Post the closing entries to the General Ledger T-accounts and compute ending balances. Just add to the adjusted balances already listed. Requirement #10: Prepare a post-closing trial balance as of March 31 in the space below. Flower Landscaping Corporation Post-Closing Trial Balance March 31 Account Tittle Cash Prepaid Insurance Supplies Equipment Accumulated depreciation-equipment Account Payable Income Tax Payable Common Stock Retained Earning Debit Credit 69,250 3,025 475 9,000 150 7,950 795 72,000 855 81,750 81,750 Case Study 1 Rubric Please note that this rubric provides a general guideline but you can score anywhere between 0 and the maximum number of points for that step depending on the accuracy and completeness of your work. Outstanding Criteria Good Journal Minor errors Entries pts such16 pts as 20 use accurate incorrect Prepared Posting is Posting is Step 2 aorrect pts Journal c ccounts and account n...
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