PR 4-1A Prison Watch Company offers legal consulting advice to prison inmates. Prison Watch Company prepared the end-of-period spreadsheet (work sheet) at the top of the following page at June 30, 2010, the end of the current fiscal year.
Instructions
1. Prepare an income statement for the year ended June 30.
2. Prepare a statement of owner’s equity for the year ended June 30. No additional investments were made during the year.
3. Prepare a balance sheet as of June 30.
4. On the basis of the end-of-period spreadsheet (work sheet), journalize the closing entries.
5. Prepare a post-closing trial balance.
Check: Net Loss $14,150
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