Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Help Please! Complete on Excel! The folowing unadjusted trial balance is for Ace Construstion Co. as of the end of its 2019 fiscal your The

Help Please! Complete on Excel!
image text in transcribed
image text in transcribed
The folowing unadjusted trial balance is for Ace Construstion Co. as of the end of its 2019 fiscal your The Juno 30, 2018, the crodit butance of the owner's capital necourt was 557,600 , and the owner invested $21,000 cash in the cocrpany during the 2019 fiscal yeak Adjustments: a. The supplies avalatie at the end of fiscal year 2019 had a cost of $3,060. b. The cost of expired insuranoe for the fiscal year is $3,150 c. Annual deprediation on equipment is $0,400. c. The June utities expense of $40 is not included in the unadjusted trial bolance bocause the bill arrived after the trial balance was prepared. The $540 anount owed needs to be recorded. e. The company/s employees have earned $1,500 of accrued and unpaid wages at fiscal yearend 1. The rent erpense inoured and not yet paid or recorded at fical year-end is $300. 9. Addiona propenty taces of $500 have been assessed for this fiscal year but have not been paid oe recorded in the accounts. h. The $260 acconed interest for June on the longterm notes payable has not yet been paid or recorded Required: 1. Prepare a 10 -column work sheet for fiscal year 2019 , starting with the unadjusted trial balance and including adjustments based on the additional facts. The June 30, 2018, credit balance of the owner's capital account was $57,600, and the owner invested $21,000 cash in the company during the 2019 fiscal year. 2a. Prepare the adjusting entries. (all dated June 30,2019 ). 2b. Prepare the closing entries. (all dated June 30, 2019): 3a. Prepare the income statement for the year ended June 30, 2019. 3b. Prepare the statement of owner's equity for the year ended June 30, 2019. 3c. Prepare the classified balance sheet at June 30, 2019

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Forensic Accounting And Fraud Investigation For Non-Experts

Authors: Stephen Pedneault, Frank Rudewicz, Howard Silverstone, Michael Sheetz

3rd Edition

0470879599, 9780470879597

More Books

Students also viewed these Accounting questions

Question

Evaluate the integral. + X (3 + 4x - 4x)3/2 dx

Answered: 1 week ago