required 1-3c HELP PLEASE
k - Required a Saved 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 owner's capital account was $53,900, and the owner invested $30,000 cash in the company during the 2017 fiscal year ACE CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2017 No. Account Title Debit Credit 201 Cash $ 15,000 126 Supplies 7,5ee 128 Prepaid insurance 6,5ee 167 Equipment 159,42e 168 Accumulated depreciation Equipment $ 28,500 201 Accounts payable 5,400 203 Interest payable e 208 Rent payable @ 210 Wages payable I e 213 Property taxes payable e 251 Long-term notes payable 28,000 381 V. Ace, Capital 83,900 382 V. Ace, Withdrawals 30. see 401 Construction fees earned 140,000 612 Depreciation expense-Equipment 623 Wages expense 42, eee 633 Interest expense 3,080 637 Insurance expense @ 640 Rent expense 11,800 552 Supplies expense e 683 Property taxes expense 4,200 684 Repairs expense 2.900 690 Utilities expense 4,200 Totals 285, 880 $285,800 Adjustments a. The supplies available at the end of fiscal year 2017 had a cost of $2,700 b. The cost of expired insurance for the fiscal year is $4,095 C. Annual depreciation on equipment is $8,300 d. The June utilities expense of $510 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $510 amount owed needs to be recorded e. The company's employees have earned $1,800 of accrued wages or fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $400, 9. 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 $280 accrued interest for June has not yet been paid or recorded (The company is required to make a $4,500 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 Required 1 Required 2A Required 26 Required 3A Required 3B 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 June 30, 2016, cred $53900, and the owner invested $30000 cash in the company during the 2017 Fiscal year ACE CONSTRUCTION CO. Work Sheet For Year Ended June 30, 2017 Uradjusted Trial Balance Adjustments Adjusted Thal Balance locome Statement Balance Sheet and of Owner's Es NO Account Title Dr. Cr. Dr Cr. Dr Cr Dr. Cr. Dr. 101 Cash $ 15,000 120 Supplies 500 128 Prepaid insurance 6.500 167 Equipment 159.420 168 Accumulated depreciation Equipment 28.500 201 Accounts payable 5.400 203 at payable 200 Ront payable 210 Wages payable 21) Property taxes payable 220 Current portion of Long-term notos payable" 4500 4.500 251 Long-term not payable 23.500 23.500 301 V. Aco, Capital B3.0001 302 V Ace Windrawal 30.000 401 Construction foscamod 140.000 612 Depreciation experne Equipment 623 Wagon 42.000 633 Interest expense 3.000 5 15,000 7.500 6,500 159420 28.500 5.400 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment 201 Accounts payable 203 Interest payable 200 Repayable 210 Wagos payable 213 Property tax payable 220 Current portion of Long terminos payable 251 Long temnotes payable" 301 VA Capital 302 V. A. With 401 Construction fees med 012 Depreciation expert-coupment Wiges 3 Were pense Orance on 0 Ratpense 652 Supos ponte 0 Property taxes pense 654 Repairs pense 000 x Total Nel come 4500 23.500 83.000 4,500 23.500 140.000 42.000 2000 11.000 4,200 2,000 4.200 5205.000 285800 Une to the notes yale con la redasd into content and long lam portions for the dance columns of the work out Required 2A > Required 1 Required 2A Required 2B Required 3A Required 3B Required 30 Prepare the adjusting entries (all dated June 30, 2017). View transaction list Journal entry worksheet The supplies available at the end of fiscal year 2017 had a cost of $2,700. Note: Enter debits before credits Transation General Journal Debit Credit Record entry Clear entry View general Journal Required 1 Required 2A Required 2B Required 3A Required 38 Required 30 Prepare the closing entries (all dated June 30, 2017). View transaction list Journal entry worksheet 1 2 3 4 > Record the entry to close revenue accounts. N Note: Enter debits before credits: Date General Journal Debit Credit Jun 30 Record entry Clear entry View general Journal Required 1 Required 2A Required 26 Required 3A Required 3B Required 30 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 1 Required 2A Required 2B Required 3A Required 3B Required 3C Prepare the statement of owner's equity for the year ended June 30, 2017. The June 30, 2016, credit balance of the owner capital account was $53,900, and the owner invested $30,000 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 1 Required 2A Required 2B Required 3A Required 3B Required 3C Prepare the classified balance sheet at June 30, 2017. ACE CONSTRUCTION CO. Balance Sheet June 30, 2017
