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The following unadjusted trial balance is for Ace Construction Co. as of the end of its 2019 fiscal year. The June 30, 2018, credit balance
The following unadjusted trial balance is for Ace Construction Co. as of the end of its 2019 fiscal year. The June 30, 2018, credit balance of the owner's capital account was $52,200, and the owner invested $25,000 cash in the company during the 2019 fiscal year. Credit Debit $ 19,000 10,000 6,000 134,870 $ 27,500 5,200 ACE CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2019 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 251 Long-term notes payable 301 V. Ace, Capital 302 V. Ace, Withdrawals 401 Construction fees earned 612 Depreciation expense-Equipment 623 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense 652 Supplies expense 683 Property taxes expense 684 Repairs expense 690 Utilities expense Totals 23,000 77,200 31,500 133,000 41,000 2,530 11,000 4,300 2,200 3,500 $265,900 $265,900 Adjustments: a. The supplies available at the end of fiscal year 2019 had a cost of $3,600. b. The cost of expired insurance for the fiscal year is $3,780. c. Annual depreciation on equipment is $8,900. d. The June utilities expense of $530 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $530 amount owed needs to be recorded. e. The company's employees have earned $1,500 of accrued and unpaid wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $400. g. Additional property taxes of $800 have been assessed for this fiscal year but have not been paid or recorded in the accounts. h. The $230 accrued interest for June on the long-term notes payable has not yet been paid or recorded. Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 2B Required 3A Required 3B Required 30 Prepare the income statement for the year ended June 30, 2019. ACE CONSTRUCTION CO. Income Statement For Year Ended June 30, 2019 Revenues Expenses: Total expenses Complete this question by entering your answers in the tabs below. 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, 2019. The June 30, 2018, credit balance of the owner's capital account was $52,200, and the owner invested $25,000 cash in the company during the 2019 fiscal year. ACE CONSTRUCTION CO. Statement of Owner's Equity For Year Ended June 30, 2019 V. Ace, Capital, June 30, 2018 V. Ace, Capital, June 30, 2019 Required 1 Required 2A " Required 2B Required 3A Required 3B Required 3C Prepare the classified balance sheet at June 30, 2019. ACE CONSTRUCTION CO. Balance Sheet June 30, 2019 S... Reauired. 30
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