Problem 4-2A Preparing a work sheet, adjusting and closing entries, and financial statements LO C3, P1, P2 NO. 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 $57,200, and the owner invested $21,000 cash in the company during the 2017 fiscal year. ACE CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2017 Account Title Debit Credit 101 Cash $ 17,500 126 Supplies 7.000 128 Prepaid insurance 6,500 167 Equipment 141,690 168 Accumulated depreciation Equipment $ 26,000 201 Accounts payable 5,400 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 251 Long-term notes payable 21,000 301 v. Ace, Capital 78,200 302 V. Ace, withdrawals 29,000 401 Construction fees earned 145,000 612 Depreciation expense-Equipment 623 Wages expense 47,000 633 Interest expense 2,310 637 Insurance expense . 640 Rent expense 13,000 652 Supplies expense 683 Property taxes expense 4.800 684 Repairs expense 2.00 690 Utilities expense Totals $275,600 $275,600 Book a. The supplies available at the end of fiscal year 2017 had a cost of $2,520. b. The cost of expired insurance for the fiscal year is $4,095. c. Annual depreciation on equipment is $8.900. d. The June utilities expense of $550 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $550 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 $300. 9. Additional property taxes of $800 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 $210 accrued interest for Jung has not yet been paid or recorded. (The company is required to make a $4,000 payment toward the note payable during the 2018 fiscal year) Required: 1. Prepare a 10-column work sheet for fiscal year 2017, starting with the unadjusted trial balance and including adjustments based on 20. Prepare the adjusting entries. (all dated June 30, 2017) 2b. Prepare the closing entries. (all dated June 30, 2017) 3a. Prepare the income statement for the year ended June 30 3b. Prepare the statement of owner's equity for the year ended June 30 3c. Prepare the classified balance sheet at June 30, 2017 rences Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 28 Required 3A Required 35 Required 30 Prepare a 10-column work sheet for fiscal year 2017, starting with the unadjusted trial balance and including adjustments based on the additional facts. The $57200, and the owner invested $21000 cash in the company during the 2017 fiscal year. Saved Help Save & Exit Submit ACE CONSTRUCTION CO. Work Sheet For Year Ended June 30, 2017 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Cr Dr. Cr Dr. CH Dr. Gr. Dr. $ 17,500 7,000 6,500 141,890 26,000 5,400 No Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 220 Current portion of long-term notes payable 251 Long-term notes payable" 301 V. Ace, Capital 302 V. Ace, Withdrawal 401 Construction fees earned 612 Depreciation expense Equipment 623 Wages expense 633 interest expense 637 Insurance expense 4.000 17 000 78.200 4.000 17 000 29,000 145.000 47.000 2.310 128 Prepaid insurance 6,500 167 Equipment 141.890 168 Accumulated depreciation Equipment 26,000 201 Accounts payable 5,400 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 220 Current portion of Long-term notes payable" 4,000 4.000 251 Long-term notes payable" 17,000 17,000 301 V. Ace, Capital 78,200 302 V. Ace, Withdrawals 29,000 401 Construction fees earned 145,000 612 Depreciation expense Equipment 623 Wages expense 47,000 633 Interest expense 2,310 637 Insurance expense 640 Rent expense 13,000 652 Supplies expense 683 Property taxes expense 4.800 684 Repairs expense 2,800 690 Utilities expense 3,800 Totals $275,600 $275,600 Net Income Totals *Using item h above, the notes payable account is reclassified into current and long-term portions for the unadjusted trial balance columns of the worksheet 5 Adjustments Adjusted Trial Balance Income Statement Dr. Cr. Balance Sheet and Statement of Owner's Equity Dr CE Dr. CH DI CH Unadjusted Trial Balance Dr. Cr. $ 17,500 7.000 6,500 141,890 26,000 5,400 ent ok ences mayable 4.000 4,000 17.000 78.200 17.000 29.000 145,000 47.000 2,310 13.000 4.800 6,500 141.890 int 26,000 5,400 ok ayable 4,000 17,000 78,200 4,000 17.000 nices 29,000 145,000 47,000 2,310 13.000 4,800 2.800 3,800 $ 275,000 $275,600 untis reclassified into current and long-term portions for the unadjusted trial balance columns of the work sheet