hoed Homework 4 Swed Help Save & Exit Sub 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 $47,000 and the owner invested another $25,500 cash in the company during the year Challenger Construction Unadjusted Trial Balance September 30, 2020 Unadjusted Trial Balance No. Account Dr. Cr. 102 Cash $ 22,100 126 Supplies 17,300 128 Prepaid insurance 9,720 149 Land not currently used in operations 51,888 167 Equipment 106, See 168 Accumulated depreciation Equipment $ 40,600 191 Copyright 6,100 201 Accounts payable 8, 2ee 203 Interest payable 210 Wages payable e 251 Long-term notes payable 51, 301 Chris Challenger, capital 72, see 302 Chris Challenger, withdrawals 68, See 481 Construction revenue 256,840 612 Depreciation expense, equipment 623 Wages expense 96,100 1300 e 96,100 1,300 e 26, See 612 Depreciation expense, equipment 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 Totals 11, cee 5,12e 7.900 $429, 140 $429, 140 Additional information: a. The inventory of supplies at the end of the year had a cost of $3,250. b. The cost of expired insurance for the year is $8,505 c. Annual depreciation of the equipment is $17.700. d. The September utilities expense was not included in the trial balance because the bill arrived after it was prepared. Its $760 amount e. The company's employees have earned $4,300 of accrued wages f. The interest expense of $130 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. needs to be recorded CHALLENGER CONSTRUCTION Work Sheet For Year Ended September 30, 2020 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Credit Debit No. Credit Credit Debit Debit Credit Debit $ 22,100 17,300 9,720 51,000 106,500 Account Cash Supplies Prepaid insurance Land not currently used in operation Equipment Accum depreciation equipment Copyright Accounts payable Interest payable Wages payable Long-term notes payable Chris Challenger, capital 101 126 128 149 167 168 191 201 203 210 251 $ 40,600 6.100 8,200 51,000 72,500 301 104 Saved Help Save & Exit Submit 210 51,000 72,500 68,500 256,840 251 301 302 401 612 623 633 637 640 652 683 684 690 vvayus dydu Long-term notos payable Chris Challenger, capital Chris Challenger, withdrawals Construction revenue Depreciation expense, equipment Wages expense Interest expense Insurance expense Ront expense Supplies expense Business taxes expense Repairs expense Utilities expenso Totals 96,100 1,300 26,500 11,000 5,120 7.900 $ 429,140 $ 429,140 $ 0 $ 0 $ 0 $ 0 $ 0 + $ 0 $ 0 Totals Journal entry worksheet Record consumption of supplies. Note: Enter debits before credits General Journal Debit Credit Date Sept. 30, 2020 Record entry Clear entry View general journal 3-a. Prepare an income statement for the year September 30, 2020. CHALLENGER CONSTRUCTION Income Statement For Year Ended September 30, 2020 Revenues: Operating expenses: 3-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 $ Chris Challenger, capital, September 30 3-c. Prepare a balance sheet for the year September 30, 2020 $16,500 of the long-term note payable is to be paid by September 30, 2021 CHALLENGER CONSTRUCTION Balance Sheet September 30, 2020 Assets Current assets $ 0 Total current assets Long-term investments: Property, plant and equipment: Intangible assets: Total assets $ 0 Liabilities Current liabilities: Total current liabilities $ $ 0 Long-term liabilities: $ 0 Total current liabilities Long-term liabilities: Total liabilities $ 0 Equity 0 $ Total liabilities and equity w
