I am not very sure how to do this assignment especially the journal adjustments do you think you can help me?

Financial Statement Homework #1 Name___________________ Please circle section time: 8:00, 9:30, 11:00 YOU MUST STAPLE YOUR PAGES TOGETHER! Jones Contractors, Inc. December 31, 2015 Unadjusted Trial balance Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2015) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 145,000 23,000 6,500 24,000 110,000 15,000 75,000 50,000 8,000 16,900 3,000 45,000 46,000 67,600 5,000 490,000 10,000 45,000 5,000 54,000 12,000 145,000 13,000 4,000 35,000 726,500 726,500 Page 1 of 7 Part 1: Prepare adjusting journal entries using the unadjusted trial balance on the previous page and the information provided below. Use only the account names provided on the previous page (do not create any new account names). 1. The prepaid insurance balance reflects a 12-month insurance policy which started on Sept. 1, 2015, and no adjustments were made from Sept. 1 - Dec. 31, 2015. Write the adjusting journal entry for Dec. 31, 2015. 2. Additional depreciation expense of $10,000 needs to be recorded for the year ended 2015. 3. Additional wages due to employees of $4,000 ($4,000 more than the recorded $3,000 balance) needs to be recorded at year end. These wages will be paid to employees on January 9, 2016. (next month) 4. The company has completed $9,900 of the $16,900 in unearned revenue as of Dec. 31st. 5. In Dec. the company provided services worth $3,000 to clients that were not yet billed or recorded by Dec. 31. Record the additional revenue. 6. On Dec 31st the company completed a physical count of their supplies and determined that only $4,000 of supplies are still on hand. Page 2 of 7 Part 2: Post the adjusting journal entries to t-accounts: (Hints on getting started: Above each T-account, write the account name of each account affected by an adjusting journal entry (you may not need to use all of the T-accounts). Write in the unadjusted balance for each of these accounts (from page 1)...the unadjusted balance might be a debit, a credit, or zero balance. Now you are ready to post your adjusting journal entries from page 2 onto the corresponding T-accounts and then calculate adjusted balances.) Part 3: Prepare the Adjusted Trial Balance (i.e., after the previous 6 journal entries are posted) Page 3 of 7 Jones Contractors, Inc. December 31, 2015 Adjusted Trial balance Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2015) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total Part 4: Prepare the Income Statement, the Statement of Retained Earnings, and a Classified Balance Sheet (in this order). Include the appropriate titles, subtotals and totals. Page 4 of 7 (You may not use all the lines provided in the statements depending on how you label titles) Jones Contractors, Inc. Income Statement Year Ended Dec. 31, 2015 Jones Contractors, Inc. Statement of Retained Earnings Year Ended Dec. 31, 2015 Jones Contractors, Inc. CLASSIFIED Balance Sheet Page 5 of 7 As of Dec. 31, 2015 (Note: The two columns below do not represent debit and credit balances like they do on a trial balance. On the Balance Sheet, use the right column for subtotals and totals.) Part 5: Answer the following questions using the above completed financial statements: Page 6 of 7 What is Net Income or Net Loss? What is Total Current Assets? What is Total Current Liabilities? What is Total Assets? What is Total Stockholders Equity? Page 7 of 7