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 $52,100, and the owner invested $21,000 cash in the company during the 2017 fiscal year. ACE CONSTRUCTION CO. Unadjusted Trial Balance Credit Debit $ 15,500 9,500 6,500 135, 640 $ 22,500 6,600 ACE CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2017 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 26,000 73,100 25,500 138,000 47,000 2,860 12,000 4,400 2,500 4,800 $266,200 $266,200 $266,200 $266,200 a. The supplies available at the end of fiscal year 2017 had a cost of $3,420 b. The cost of expired insurance for the fiscal year is $4.095. c. Annual depreciation on equipment is $8,600. 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 $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 $260 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 in the tabs below. Check my work 520, and the owner invested >&LUUU casn in the company during the 2017 niscas year. ACE CONSTRUCTION CO. Work Sheet For Year Ended June 30, 2017 Unadjusted Trial Income State Adjustments Dr. Cr. NO Adjusted Trial Balance Dr. Cr. Account Title Dr. $ Balance Dr. Cr. 15.500 9,500 6.500 135 640 22 500 6.000 101 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 6.000 6.000 20.000 73,1001 20.000
Saved Help Save & Exit Submit Check my work quring the 2017 Tiscal year. ACE CONSTRUCTION CO. Work Sheet For Year Ended June 30, 2017 ed Trial nce Adjustments Dr. Cr. Adjusted Trial Balance Dr. Cr. Income Statement Dr. Cr. Balance Sheet and Statement of Owner's Equity Dr. Cr. cr. 22,500 6,600 6.000 20,000 73,1001 6,000 20,000 Check my ur. Ur. ut. Ut - ur. $ 15,500 9.500 6,500 135,640 22,500 6,600 NO Account the 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, Withdrawals 401 Construction fees earned 612 Depreciation expense-Equipment 623 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense 6,000+ 6,000 20,000 73, 100L LLLL 138,000 25,500 47.000 2.860 12,000 Help Save & Exit Submit Check my work 47.000 612 Depreciation expense-Equipment 623 Wages expense 633 Interest expense 637 Insurance expense 2.860 640 Rent expense 12,000 652 Supplies expense 683 Property taxes expense 4,400 684 Repairs expense 2.500 690 Utilities expense 4,800 $ 266 2005 266 2000 $ o $ 0 Totals $ 26. 000 0 Net Income $ Totals "Using tom h above, the notes payable account is reclassified into current and long term portions for the unadjusted trial balance columns of the work sheet 0 $ Repada Required 2A >
