balance sheet&statement of change in equity credit side
This unadjusted trial balance is for Challenger Construction at the end of its fiscal year, September 30, 2020. The beginning balance of the owner's capital account was $48,000 and the owner invested another $26.000 cash in the company during the year, Challenger Construction Unadjusted Trial Balance September 30, 2020 Unadjusted Trial Balance Dr. ce $ 22,200 17,400 9,640 52,000 107,000 $ 40,00 6,200 No. Account 101 Cash 126 Supplies 128 Prepaid insurance 149 Land not currently used in operations 167 Equipment 168 Accumulated depreciation Equipment 191 Copyright 201 Accounts payable 203 Interest payable 210 Wages payable 251 Long term notes payable 301 Chris Challenger, capital 302 Chris Challenger, withdrawals 401 Construction revenue 612 Depreciation expense, equipent 623 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense 652 Supplies expense 683 Business taxes expense 684 Repairs expense 690 Utilities expense 8,300 0 0 52,000 74.000 69,000 257,700 96,200 1,100 0 26,600 12,900 5,220 8,000 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Account Credit Debit Credit Credit Debit Credit Cash No 101 126 128 Debit $ 22 200 17.400 9,840 52000 107.000 Balance Sheet & Statement of Changes in Equity Debit Credit 22 200 3,300 1.230 52.000 52 107.000 Debit S 22 200 3,300 1230 52.000 107.000 $14.00 8,610 149 167 168 $40.700 17 8001 S 58.500 6.2001 6.2001 191 6.200 8 300 7701 110 4.400 9,070 110 4.400 201 203 210 251 301 302 401 612 Supplies Prepaid insurance Land not currently used in operation Equipment Accum depreciation equipment Copynght Accounts payable Interest payable Wages payable Long-term votos payable Cher Challenger capital Chris Challenger withdrawals Construction tovente Depreciation expense equipment Wages expense Interest expenso Insurance compense Rent exponse 52.000 74000 52.000 740001 19.000 69.000 00 000 257700 257.750 257.780 95200 1.100 17 800 4400 110 8610 17 000 100 000 1210 8.610 20,600 17 000 100 600 1210 8610 20.600 633 037 500 20.600 -a. Prepare an income statement for the year September 30, 2020. CHALLENGER CONSTRUCTION Income Statement For Year Ended September 30, 2020 Revenues: Construction revenue $ 257,760 Operating expenses. Total operating expenses 0 -b. Prepare a statement of changes inequity for the year September 30, 2020. CHALLENGER CONSTRUCTION Statement of Changes in Equity For Year Ended September 30, 2020 Chris Challenger, capital, October 1 0 Total $ 0 Chris Challenger, capital, September 30 -c. Prepare a balance sheet for the year September 30, 2020. $17.000 of the long-term note payable is to be paid by September 30, 021 CHALLENGER CONSTRUCTION Balance Sheet September 30, 2020 Assets Current assets $ 0 Total current assets Long-term investments Property, plant and equipment Intangible assets Intangible assets: Total assets 0 Liabilities Current liabilities $ 0 Total current liabilities Long-term liabilities $ 0 Total liabilities Equity $ Total liabilities and equity This unadjusted trial balance is for Challenger Construction at the end of its fiscal year, September 30, 2020. The beginning balance of the owner's capital account was $48,000 and the owner invested another $26,000 cash in the company during the year. Challenger Construction Unadjusted Trial Balance September 3, 2020 Unadjusted Trial Balance Dr. Cr. $ 22,200 17,400 9,840 52,000 107.000 $ 40,700 6,280 8,300 No Account 101 Cash 126 Supplies 128 Prepaid insurance 149 Land not currently used in operations 167 Equipment 168 Accumulated depreciation, Equipment 191 Copyright 201 Accounts payable 203 Interest payable 210 Wages payable 251 Long-term notes payable 301 Chris Challenger, capital 302 Chris Challenger, withdrawals 601 Construction revenue 612 Depreciation expense, equipment 623 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense 652 Supplies expense 683 Business taxes expense 694 Repairs expense 690 Utilities expense 52,000 74,000 69,000 257,760 e 96,200 1,100 26,600 12,000 5,220 8,000 c Additional information: 0. The inventory of supplies at the end of the year had a cost of $3,300. b. The cost of expired insurance for the year is $8.610. c. Annual depreciation of the equipment is $17.800. d. The September utilities expense was not included in the trial balance because the bill arrived after it was prepared. Its $770 amount needs to be recorded. e. The company's employees have earned $4,400 of accrued wages. 6. The interest expense of $110 for September has not yet been paid or recorded, Required: 1. Prepare a 10-column work sheet for fiscal 2020, starting with the unadjusted trial balance and including the above additional facts
