Income Statement of Reno Architects Inc

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.


Here is the problem:

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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


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.


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.