Reference no: EM132478390

The following trial balance and additional data are for Florida Time-Share Property Management Company:

FLORIDA TIME-SHARE PROPERTY MANAGEMENT COMPANY

Trial Balance

December 31

                         Debits            Credits

Cash              $464,000

Prepaid Rent     28,800

Prepaid Insurance 7,680

Supplies on Hand 2,400

Office Equipment 24,000

Accumulated Depreciation-Office Equipment $ 5,760

Automobiles   64,000

Accumulated Depreciation-Automobiles 16,000

Accounts Payable 2,880

Unearned Management Fees 12,480

Capital Stock   360,000

Retained Earnings, January 1   120,640

Dividends  28,000

Commissions Revenue 300000

Management Fee Revenue 19,200

Salaries Expense 199,840

Advertising Expense 2,400

Gas and Oil Expense 14,240

Miscellaneous Expense 1,600

$839,960 $839,960

1. Insurance expense for the year, $ 3,840.
2. Rent expense for the year, $ 19,200.
3. Depreciation expense: office equipment, $ 2,880; and automobiles, $ 12,800.
4. Salaries earned but unpaid at December 31, $ 26,640.
5. Supplies on hand at December 31, $ 1,000.
6. The unearned management fees were received and recorded on November 1. The advance payment covered 12 months' management of an apartment building.

Question 1. Prepare 12-column worksheet foe the year ended december 31. you need not include account number or explanation of adjustment.

Question 2. Prepare the adjusting and closing entries.

Question 3. Prepare income statement.

Question 4. Prepare statement of retained earnings.

Question 5. Prepare classified balance sheet.