Problem 4-2A Preparing a work sheet, adjusting and closing entries, and financial statements LO C3, P1, P2

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 owners capital account was $50,000, and the owner invested $29,000 cash in the company during the 2017 fiscal year.

ACE CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2017
No.	Account Title	Debit				Credit
101	Cash	$	18,500
126	Supplies		8,500
128	Prepaid insurance		7,000
167	Equipment		125,970
168	Accumulated depreciationEquipment					$	23,000
201	Accounts payable						6,400
203	Interest payable						0
208	Rent payable						0
210	Wages payable						0
213	Property taxes payable						0
251	Long-term notes payable						23,000
301	V. Ace, Capital						79,000
302	V. Ace, Withdrawals		31,500
401	Construction fees earned						137,000
612	Depreciation expenseEquipment		0
623	Wages expense		49,000
633	Interest expense		2,530
637	Insurance expense		0
640	Rent expense		15,000
652	Supplies expense		0
683	Property taxes expense		4,300
684	Repairs expense		2,100
690	Utilities expense		4,000
	Totals	$	268,400			$	268,400

Adjustments:

1. The supplies available at the end of fiscal year 2017 had a cost of $3,060.
2. The cost of expired insurance for the fiscal year is $4,410.
3. Annual depreciation on equipment is $8,400.
4. The June utilities expense of $600 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $600 amount owed needs to be recorded.
5. The companys employees have earned $1,900 of accrued wages at fiscal year-end.
6. The rent expense incurred and not yet paid or recorded at fiscal year-end is $300.
7. Additional property taxes of $600 have been assessed for this fiscal year but have not been paid or recorded in the accounts.
8. 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 $230 accrued interest for June has not yet been paid or recorded. (The company is required to make a $6,000 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 the additional facts. 2a. 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.

Complete this question by entering your answers the tabs below. Required 1 Required 2A Required 2B Required 3A Required 3B Required 3C 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 June 30, 2016, credit balance of the owner's capital account was $50000, and the owner invested $29000 cash in the company during the 2017 fisscal year. ACE CONSTRUCTION CO. Work Sheet For Year Ended June 30, 2017 Unadiusted Trial Balance Sheet and Statement of Owner's Equity Balance Adjustments Adjusted Trial Balance Income Statement Dr No. Account Title Dr Cr. Dr. Cr Dr. Cr. Cr 101 Cash S 18.500 126 Supplies 8.500 Prepaid insurance 128 7,000 167 Equipment 168 Accumulated depreciation-Equipment 125.970 23,000 201 Accounts payable 6.400 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 220 Current portion of Long-term notes payable" 251 Long-torm notes payable 6.000 6.000 17.000 17,000 301 V. Ace, Capital 79,000 302 V Ace, Withdrawals 31,500 Construction fees earned 137.000 ense-Equipment 623 Wages expense 49,000 633 Interest expense 2,530 637 Insurance expense- 15,000 652 Suoe anse 683 Property taxes expense Repairs expense 4.300 2.100 684 690 Utilities expense Totals 4.000 $266.400 268.400 Net Income Totals the unadjusted trial balance columns of the work sheet. Using item h above. a notes payable account is reclassified into current and long-teerm portions Required 1 Reauired 2A > Complete this question by entering your answers in the tabs below. Required 2A Required 2B Required 3A Required 3B Required 3C Required 1 Prepare the adjusting entries (all dated June 30, 2017) View transaction list Journal entry worksheet 2 7 4. 1 3 5 6 8 The supplies available at the end of fiscal year 2017 had cost of $3,060. Note: Enter debits before credits. Transation General Journal Debit Credit a Clear entry View general journal Record entry Required 2B Required 1 Complete this question by entering your answers in the tabs below. Required 2A Required 2B Required 3A Required 3B Required 3C Required 1 Prepare the closing entries (all dated June 30, 2017). View transaction list Journal entry worksheet Complete this question by entering your answers in the tabs below. Required 2A Required 2B Required 3A Required 3B Required 3C Required 1 Prepare the income statement for the year ended June 30, 2017. ACE CONSTRUCTION CO. Income Statement For Year Ended June 30, 2017 Revenues: Expenses: Total expenses Required 2B Required 3B > Complete this question by entering your answers in the tabs below. Required 2A Required 2B Required 3A Required 3B Required 3C Required 1 Prepare the statement of owner's equity for the year ended June 30, 2017. The June 30, 2016, credit balance of the owner's capital account was $50,000, and the owner invested $29,000 cash in the company during the 2017 fiscal year ACE CONSTRUCTION CO. Statement of Owner's Equity For Year Ended June 30, 2017 V. Ace, Capital, June 30, 2016 V. Ace, Capital, June 30, 2017 Required 3A Required 3C > Complete this question by entering your answers in the tabs below. Required 2A Required 2B Required 3A Required 3B Required 3C Required 1 Prepare the classified balance sheet at June 30, 2017. ACE CONSTRUCTION CO. Balance Sheet June 30, 2017 Required 3B Required 3C >