Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I know all information is incomplete , Need to what to current & what is the right information. Need help I don't fully understand These

I know all information is incomplete , Need to what to current & what is the right information. Need help I don't fully understand
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
These are the open tabes for the first 4 photos image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Re GL0403 - Based on Problem 4-2A Ace Construction Co. LO C3, P1, P2 The unadjusted trial balance for Ace Construction Co. as of June 30, 2019, the end of its fiscal year, is found on the trial balance tab. The June 30, 2018, credit balance of the owner's capital account was $53,660, and the owner invested $35,000 cash in the company during the 2019 fiscal year. Information for adjustments is as follows: a. The supplies available at the end of fiscal year 2019 had a cost of $3,300. b. The cost of expired insurance for the fiscal year is $3,800. c. Annual depreciation on equipment is $8,400. d. The June utilities expense of $650 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $650 amount owed needs to be recorded. e. The company's employees have earned $1,800 of accrued and unpaid wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $500. g. Additional property taxes of $1,000 have been assessed for this fiscal year but have not been paid or recorded in the accounts. h. The $250 accrued interest for June on the long-term notes payable has not yet been paid or recorded. Answer is not complete. General General Income St Owners No Date Account Title Dobit Credit 1 Jun 30 35,000 Cash V. Ace, Capital l 35,000 2 Jun 30 Insurance expense 3,800 Cash 3,800 3 Jun 30 Accumulated depreciation - Equipment Equipment 8,400 8,400 4 Jun 30 Depreciation expense - Equipment Utilities expense 650 X 650 5 Jun 30 1,800 Wages payable Wages expense 1.800 6 Jun 30 Rent expense 500 work Problems: Accounting Cycle ... Saved Help meck my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate con Account Title Credit $ Debit 18,500 9,900 7.200 132,000 2 26,250 6,800 25,000 88,660 Cash Supplies Prepaid insurance Equipment Accumulated depreciation - Equipment Accounts payable Long-term notes payable V. Ace, Capital V. Ace. Withdrawals Construction fees earned 'Wages expense Interest expense Rent expense Property taxes expense Repairs expense Utilities expense Total 33,000 132.100 46,860 2,750 12,000 7,800 2.910 5.890 278,8105 $ 278,810 Check my work mode : This shows what is correct or incorrect for the work you have compl For Year Ended June 30, 2019 Revenues: CA 0 Interest payable 0 Expenses 0 0 0 0 0 0 0 0 0 0 Net income of 1 Check my work mode : This shows what is correct or incorrect for the work you have completed so far. 1 Unadjusted ACE CONSTRUCTION CO. Balance Sheet ts June 30, 2019 ASSETS Current assets $ 0 0 0 0 Plant assets: LIABILITIES AND EQUITY Current liabilities: Check my work mode : This shows what is correct or incorrect for the work you have complete LIABILITIES AND EQUITY 0 Current liabilities: Insurance expense Wages payable Rent payable Property taxes payable Interest payable 0 @lololol 0 0 0 $ 0 Noncurrent liabilities Equipment Total liabilities Equity X 132,000 132,000 Unadjusted ACE CONSTRUCTION CO. Income Statement For Year Ended June 30, 2019 Revenues: 000: No journal entry required $ 0 0 000: No journal entry required 101: Cash 0 128: Prepaid insurance 168: Accumulated depreciation - Equipment 201: Accounts payable 0 0 0 0 0 0 0 0 0 $ 0 Net income Saved 4-Homework Problems: Accounting Cycle ... 0 Unadjusted ACE CONSTRUCTION CO. Income Statement For Year Ended June 30, 2019 Revenues 251: Long-term notes payable $ 0 O 203: Interest payable 208: Rent payable 210: Wages payable 213: Property taxes payable 251: Long-term notes payable OO 0 0 O 0 0 0 0 0 Net income $ 0 1 of Unadjusted ACE CONSTRUCTION DO Income Statement For Year Ended Oune 30 2019 Revenues 623: Wages expense $ 0 0 301: V. Ace, Capital 302: V. Ace, Withdrawals 401: Construction fees earned DO 612: Depreciation expense - Equipment 0 623: Wages expense 0 0 0 0 0 0 0 Net income $ 0 Per 1 of 1 Unadjusted ACE CONSTRUCTION CO. income Statement For Year Ended June 30, 2019 Revenues: $ 0 0 623: Wages expense 637: Insurance expense 683: Property taxes expense 0 0 684: Repairs expense 0 901: Income summary 0 0 0 0 0 0 Net income $ 0 Pey 1 of 1 Saved mework Problems: Accounting Cycle ... 6 Unadjusted ACE CONSTRUCTION CO Income Statement For Year Ended June 30, 2019 Revenues: $ 0 0 Interest payable Expenses: 0 0 0 0 0 0 0 0 0 0 Net income $ 1 of 1 Re GL0403 - Based on Problem 4-2A Ace Construction Co. LO C3, P1, P2 The unadjusted trial balance for Ace Construction Co. as of June 30, 2019, the end of its fiscal year, is found on the trial balance tab. The June 30, 2018, credit balance of the owner's capital account was $53,660, and the owner invested $35,000 cash in the company during the 2019 fiscal year. Information for adjustments is as follows: a. The supplies available at the end of fiscal year 2019 had a cost of $3,300. b. The cost of expired insurance for the fiscal year is $3,800. c. Annual depreciation on equipment is $8,400. d. The June utilities expense of $650 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $650 amount owed needs to be recorded. e. The company's employees have earned $1,800 of accrued and unpaid wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $500. g. Additional property taxes of $1,000 have been assessed for this fiscal year but have not been paid or recorded in the accounts. h. The $250 accrued interest for June on the long-term notes payable has not yet been paid or recorded. Answer is not complete. General General Income St Owners No Date Account Title Dobit Credit 1 Jun 30 35,000 Cash V. Ace, Capital l 35,000 2 Jun 30 Insurance expense 3,800 Cash 3,800 3 Jun 30 Accumulated depreciation - Equipment Equipment 8,400 8,400 4 Jun 30 Depreciation expense - Equipment Utilities expense 650 X 650 5 Jun 30 1,800 Wages payable Wages expense 1.800 6 Jun 30 Rent expense 500 work Problems: Accounting Cycle ... Saved Help meck my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate con Account Title Credit $ Debit 18,500 9,900 7.200 132,000 2 26,250 6,800 25,000 88,660 Cash Supplies Prepaid insurance Equipment Accumulated depreciation - Equipment Accounts payable Long-term notes payable V. Ace, Capital V. Ace. Withdrawals Construction fees earned 'Wages expense Interest expense Rent expense Property taxes expense Repairs expense Utilities expense Total 33,000 132.100 46,860 2,750 12,000 7,800 2.910 5.890 278,8105 $ 278,810 Check my work mode : This shows what is correct or incorrect for the work you have compl For Year Ended June 30, 2019 Revenues: CA 0 Interest payable 0 Expenses 0 0 0 0 0 0 0 0 0 0 Net income of 1 Check my work mode : This shows what is correct or incorrect for the work you have completed so far. 1 Unadjusted ACE CONSTRUCTION CO. Balance Sheet ts June 30, 2019 ASSETS Current assets $ 0 0 0 0 Plant assets: LIABILITIES AND EQUITY Current liabilities: Check my work mode : This shows what is correct or incorrect for the work you have complete LIABILITIES AND EQUITY 0 Current liabilities: Insurance expense Wages payable Rent payable Property taxes payable Interest payable 0 @lololol 0 0 0 $ 0 Noncurrent liabilities Equipment Total liabilities Equity X 132,000 132,000 Unadjusted ACE CONSTRUCTION CO. Income Statement For Year Ended June 30, 2019 Revenues: 000: No journal entry required $ 0 0 000: No journal entry required 101: Cash 0 128: Prepaid insurance 168: Accumulated depreciation - Equipment 201: Accounts payable 0 0 0 0 0 0 0 0 0 $ 0 Net income Saved 4-Homework Problems: Accounting Cycle ... 0 Unadjusted ACE CONSTRUCTION CO. Income Statement For Year Ended June 30, 2019 Revenues 251: Long-term notes payable $ 0 O 203: Interest payable 208: Rent payable 210: Wages payable 213: Property taxes payable 251: Long-term notes payable OO 0 0 O 0 0 0 0 0 Net income $ 0 1 of Unadjusted ACE CONSTRUCTION DO Income Statement For Year Ended Oune 30 2019 Revenues 623: Wages expense $ 0 0 301: V. Ace, Capital 302: V. Ace, Withdrawals 401: Construction fees earned DO 612: Depreciation expense - Equipment 0 623: Wages expense 0 0 0 0 0 0 0 Net income $ 0 Per 1 of 1 Unadjusted ACE CONSTRUCTION CO. income Statement For Year Ended June 30, 2019 Revenues: $ 0 0 623: Wages expense 637: Insurance expense 683: Property taxes expense 0 0 684: Repairs expense 0 901: Income summary 0 0 0 0 0 0 Net income $ 0 Pey 1 of 1 Saved mework Problems: Accounting Cycle ... 6 Unadjusted ACE CONSTRUCTION CO Income Statement For Year Ended June 30, 2019 Revenues: $ 0 0 Interest payable Expenses: 0 0 0 0 0 0 0 0 0 0 Net income $ 1 of 1

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

ISO 9000 Family Of Standards With Extracts From ISO 9001 Audit Trail

Authors: David John Seear

1st Edition

1477226400, 978-1477226407

More Books

Students also viewed these Accounting questions