3-8BB Preparing a work sheet, adjusting and closing entries, and financial statements C2 P1 P2 P3 P4 P5 P6 P8 The following unadjusted trial balance is for Power Demolition Company at its April 30 current fiscal year-end. The credit balance of the Retained Earnings account was $76,900 on April 30 of the prior year.. Page 145 Required 1. Prepare and complete a 10-column work sheet for the current fiscal year, starting with the unadjusted trial balance and including adjustments using the following additional information. a. Supplies available at the end of the current fiscal year total $7,900. b. Cost of expired insurance for the current fiscal year is $10,600. c. Annual depreciation on equipment is $7,000. d. April utilities expense of $800 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $800 amount owed must be recorded. e. Employees have camed $2,000 of accrued and unpaid wages at fiscal year- end. f. Rent expense incurred and not yet paid or recorded at fiscal year-end is $3,000. g. Additional property taxes of $550 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end. h. $300 accrued interest for April has not yet been paid or recorded. 2. Using information from the completed 10-column work sheet in part 1, journalize the adjusting entries and the closing entries. 3. Prepare the income statement and the statement of retained earnings for the year ended April 30 and the classified balance sheet at April 30. Check (3) Net income, $77,550; Total assets, $195,900, Current liabilities, $13,450 Unadjusted Trial Balance April 30 No. Account Title Debit Credit 101 Cash 208 Rent payable 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 203 Interest payable 210 Wages payable $ 7,000 16.000 12.600 200,000 $14,000 6,800 0 0 0 213 Property taxes payable 0 251 Long-term notes payable 30,000 307 Common stock 10,000 318 Retained earnings 76.900 319 Dividends 12,000 403 Demolition revenue 187,000 612 Depreciation expense-Equipment 0 623 Wages expense 41,400 633 Interest expense 3,300 637 Insurance expense 640 Rent expense 13,200 652 Supplies expense 0 683 Property taxes expense 9.700 684 Repairs expense 4,700 690 Utilities expense 4,800 Totals $324,700 $324,700