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The following unadjusted trial balance is for Ace Construction Company at its June 3 0 current fiscal year - end. The credit balance of the

The following unadjusted trial balance is for Ace Construction Company at its June 30 current fiscal year-end. The credit balance of the V. Ace, Capital account was $51,300 on June 30 of the prior year, and the owner invested $27,000 cash during the current fiscal year. ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Number Account Title Debit Credit 101 Cash $ 18,500126 Supplies 10,000128 Prepaid insurance 6,000167 Equipment 129,620168 Accumulated depreciationEquipment $ 22,500201 Accounts payable 6,200203 Interest payable 0208 Rent payable 0210 Wages payable 0213 Property taxes payable 0251 Long-term notes payable 28,000301 V. Ace, Capital 78,300302 V. Ace, Withdrawals 30,500403 Construction revenue 130,000612 Depreciation expenseEquipment 0623 Wages expense 45,000633 Interest expense 3,080637 Insurance expense 0640 Rent expense 11,000652 Supplies expense 0683 Property taxes expense 5,000684 Repairs expense 2,000690 Utilities expense 4,300 Totals $ 265,000 $ 265,000 Adjustments: Supplies available at the end of the current fiscal year total $3,600. Cost of expired insurance for the current fiscal year is $3,780. Annual depreciation on equipment is $8,400. 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 must be recorded. Employees have earned $1,500 of accrued and unpaid wages at fiscal year-end. Rent expense incurred and not yet paid or recorded at fiscal year-end is $200. Additional property taxes of $600 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end. $280 of accrued interest for June has not yet been paid or recorded. Required: 1. Prepare a 10-column work sheet for the current fiscal year, starting with the unadjusted trial balance and including adjustments using the above additional information. 2a. Prepare the adjusting entries (all dated June 30).2b. Prepare the closing entries (all dated June 30).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. The following unadjusted trial balance is for Ace Construction Company at its June 30 current fiscal year-end. The credit balance of the V. Ace, Capital account was $51,300 on June 30 of the prior year, and the owner invested $27,000 cash during the current fiscal year. ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Number Account Title Debit Credit 101 Cash $ 18,500126 Supplies 10,000128 Prepaid insurance 6,000167 Equipment 129,620168 Accumulated depreciationEquipment $ 22,500201 Accounts payable 6,200203 Interest payable 0208 Rent payable 0210 Wages payable 0213 Property taxes payable 0251 Long-term notes payable 28,000301 V. Ace, Capital 78,300302 V. Ace, Withdrawals 30,500403 Construction revenue 130,000612 Depreciation expenseEquipment 0623 Wages expense 45,000633 Interest expense 3,080637 Insurance expense 0640 Rent expense 11,000652 Supplies expense 0683 Property taxes expense 5,000684 Repairs expense 2,000690 Utilities expense 4,300 Totals $ 265,000 $ 265,000 Adjustments: Supplies available at the end of the current fiscal year total $3,600. Cost of expired insurance for the current fiscal year is $3,780. Annual depreciation on equipment is $8,400. 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 must be recorded. Employees have earned $1,500 of accrued and unpaid wages at fiscal year-end. Rent expense incurred and not yet paid or recorded at fiscal year-end is $200. Additional property taxes of $600 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end. $280 of accrued interest for June has not yet been paid or recorded. Required: 1. Prepare a 10-column work sheet for the current fiscal year, starting with the unadjusted trial balance and including adjustments using the above additional information. 2a. Prepare the adjusting entries (all dated June 30).2b. Prepare the closing entries (all dated June 30).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.

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