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File Read the rary Problem Work sheet, journal entries, financial statements 101,6 cel CHECK FIGURES: 1. Adjusted trial balance columns = $174,085, 3. Loss = $3,835, Total assets $71150 Presented below is the unadjusted trial balance of Webster Demolition Company as of June 30, 2020, the end of its fiscal year. The owner invested $17,500 cash in the company during the year. Webster Demolition Company Trial Balance.xlsx Ows 18 Webster Demolition Company 2 Unadjusted That Balance 3 June 30, 2020 4 Unadjusted 5 Trial Balance 6 No. Account Dr. Cr. 7 101 Cash $ 4,500 8 126 Supplies 8,200 9 128 Prepaid insurance 7.300 10 167 Equipment 72.000 11 168 Accumulated depreciation, $ equipment 5.000 12 201 Accounts payable 9.100 13 203 Interest payablo O 14 210 Wages payable 15 251 Long term notes payabile 45.000 tinha Library 0 45,000 21,400 2.100 83.300 132 14 210 Wages payable 15 251 Long-term notes payable 16 301 Rusty Webster, capital 17 302 Rusty Webster, withdrawals 18 401 Demolition revenue 19 612 Depreciation expense, equipment 20 623 Wages expense 21 633 Interest expense 22 637 Insurance expense 23 640 Ront expenso 24 652 Supplios expense 25 683 Business tax expense 26 684 Repairs expense 27 690 Utilities exponse 28 Totals 0 27.400 1,100 0 24.400 0 4,200 4.200 8.400 $ 163,800 $ 163,800 Required Preparation Component: 1. Prepare a 10-column work sheet for 2020, starting with the unadjusted trial balance and including these additional facts: a. The inventory of supplies at the end of the year had a cost of $6,800 b. The cost of expired insurance for the year is $5,750. Library c. Annual depreciation on the equipment is 58.700. d. The June utilities expense of $375 was not included in the trial balance because the bill arrived after it was prepared. The $375 amount owed needs to be recorded. 300 CHAPTER 4 Completing the Accounting Cycle and Classilying Accounts e. The company's employees have earned 51.100 of accrued wages. 1. Interest of $110 for June has not yet been paid or recorded. In addition, the company is required to make a $2,000 payment on the note on August 30, 2020. 2. Use the work sheet to journalize the adjusting and closing entries, 3. Prepare an income statement, a statement of changes in equity, and a classified balance sheet. Analysis Component: Analyze the following independent errors and describe how each would affect the 10-column work sheet. Explain whether the error is likely to be discovered in completing the work sheet and ht Edit Reading Help Library CHAPTER 4 Completing the Accounting Cycle and Classifying Accounts e. The company's employees have earned $1,100 of accrued wages. f. Interest of $110 for June has not yet been paid or recorded. In addition, the company is required to make a $2,000 payment on the note on August 30, 2020. 2. Use the work sheet to journalize the adjusting and closing entries. 3. Prepare an income statement, a statement of changes in equity, and a classified balance sheet. Analysis Component: Analyze the following independent errors and describe how each would affect the 10-column work sheet. Explain whether the error is likely to be discovered in completing the work sheet and if not, the effect of the error on the financial statements. a. The adjustment for consumption of the insurance coverage credited the Prepaid Insurance account for $1,550 and debited the same amount to the Insurance Expense account b. When completing the adjusted trial balance in the work sheet, the $4,200 Repairs Expense account balance was extended to the Debit column for the balance sheet. Help Me SOLVEIT Problem 4-4B Closing entries LO2, 3, 4 CHECK FIGURE: 2 Post-closing trial balance = $86,800 neers we follows