Please help me fill out this balance sheet. I started it but not sure if that is correct, I also provided chart to help with numbers. TIA!
The following unadjusted trial balance is for ACE CONSTRUCTION CO. as of the end of its 2017 fiscal year. The June 30, 2016, credit balance of the owner's capital account was $57,000, and the owner invested $22,000 cash in the company during the 2017 fiscal year. Credit $ 29,000 5,600 ACE CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2017 No. Account Title Debit 101 Cash $ 19,500 126 Supplies 9,000 128 Prepaid insurance 6,000 167 Equipment 156,760 168 Accumulated depreciation-Equipment 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 251 Long-term notes payable 301 v. Ace, Capital 302 V. Ace, Withdrawals 26,500 401 Construction fees earned 612 Depreciation expense-Equipment 623 Wages expense 45,000 633 Interest expense 2,640 637 Insurance expense 640 Rent expense 11,000 652 Supplies expense 683 Property taxes expense 4,800 684 Repairs expense 2,200 690 Utilities expense 4,200 Totals $287,600 24,000 79,000 150,000 $287,600 Adjustments: a. The supplies available at the end of fiscal year 2017 had a cost of $3,240. b. The cost of expired insurance for the fiscal year is $3,780. c. Annual depreciation on equipment is $8,300. d. The June utilities expense of $500 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $500 amount owed needs to be recorded. e. The company's employees have earned $2,000 of accrued wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $200. g. Additional property taxes of $600 have been assessed for this fiscal year but have not been paid or recorded in the accounts. h. The long-term note payable bears interest at 12% per year. The unadjusted Interest Expense account equals the amount paid for the first 11 months of the 2017 fiscal year. The $240 accrued interest for June has not yet been paid or recorded. (The company is required to make a $5,000 payment toward the note payable during the 2018 fiscal year.) Balance Sheet and Statement of Owner's Equity Dr. Cr. $ 19,500 3,240 2,220 156,760 37,300 6,100 240 200 2,000 600 5,000 19,000 52,500 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement No. Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. 101 Cash $ 19,500 $ 19,500 126 Supplies 9,000 5,760 3,240 128 Prepaid insurance 6,000 3,780 2,220 167 Equipment 156,760 156,760 168 Accumulated depreciation Equipment 29,000 8,300 37,300 201 Accounts payable 5,600 500 6,100 203 Interest payable 240 208 Rent payable 200 2001 210 Wages payable 2,000 2,000 213 Property taxes payable 600 600 220 Current portion of Long-term notes payable 5,000 5,000 251 Long-term notes payable 19,000 19,000 301 V. Ace, Capital 79,000 79,000 302 V. Ace, Withdrawals 26,500 26,500 401 Construction fees earned 150,000 150,000 150,000 612 Depreciation expense-Equipment 8,300 8,300 8,300 623 Wages expense 45,000 2,000 47,000 47,000 633 Interest expense 2,640 240 2,880 2,880 637 Insurance expense 3,780 3,780 3,780 640 Rent expense 11,000 200 11,200 11,200 652 Supplies expense 5,760 5,760 5,760 683 Property taxes expense 4.800 600 5,400 5,400 684 Repairs expense 2,200 2,200 2,200 690 Utilities expense 4,200 500 4,700 4.700 Totals $ 287,600 $ 287,600 $ 21,380 $ 21,380 $ 299,440 $ 299,440 91,220 150,000 Net Income 58,780 Totals $ 150,000 $ 150,000 *Using item h above, the notes payable account is reclassified into current and long-term portions for the unadjusted trial balance columns of the work sheet. 240 181,720 122,940 58,780 181,720 $ 181,720 $ ACE CONSTRUCTION CO. Balance Sheet June 30, 2017 Assets Current assets Cash $ 19,500 3,240 2,220 Supplies Prepaid insurance Equipment Accumulated depreciation Equipment 24,960 Plant assets 24,960 $
