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The following unadjusted trial balance is for Adams Construction Co. as at the end of its 2015 financial year. The June 30, 2014, credit balance

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The following unadjusted trial balance is for Adams Construction Co. as at the end of its 2015 financial year. The June 30, 2014, credit balance of the owner's capital account was $55,600, and the owner invested $28,000 cash in the company during the 2015 financial year. Credit $ Debit 15,500 7,500 6,500 136,680 $ 22,000 6,000 ADAMS CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2015 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 tax payable 251 Long-term notes payable 301 S. Adams, Capital 302 S. Adams, 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 tax expense 684 Repairs expense 690 Utilities expense Oo 22,000 83,600 28,000 131,000 42,000 2,420 14,000 4,500 2,800 4,700 Totals $ 264,600 $ 264,600 Adjustments: a. The supplies available at the end of financial year 2015 had a cost of $2,700. b. The cost of expired insurance for the financial year is $4,095. c. Annual depreciation on equipment is $8,800. d. The June utilities expense of $580 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $580 amount owed needs to be recorded. e. The company's employees have earned $1,200 of accrued wages at financial year-end. f. The rent expense incurred and not yet paid or recorded at financial year-end is $200. g. Additional property tax of $600 have been assessed for this financial 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 2015 financial year. The $220 accrued interest for June has not yet been paid or recorded. (The company is required to make a $5,500 payment toward the note payable during the 2016 financial year.) Required: 1. Prepare a 10-column work sheet for financial year 2015, starting with the unadjusted trial balance and including adjustments based on the additional facts. (Leave no cells blank - be certain to enter "O"wherever required. Omit the "$"sign in your response.) ADAMS CONSTRUCTION CO. Work Sheet For Year Ended June 30, 2015 Undusted Trial Balance Adjusted Trial Balance Income Statement Statement of Financial Position & Statement of Changes in Equity Adjustments Dr. Cr. No Account Title $ Dr. C. 15,500 $ 7,500 6,500 136,680 $ 22.000 6,000 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 203 Interest payable 208 Ront payable 210 Wages payable 213 Property tax payable 251 Long-term notes payable 301 S. Adams, Capital 302 S. Adams, Withdrawals 401 Construction foosamed 612 Depreciation expense-Equipment 023 Wages expense 833 rest expense 637 insurance expense 640 Rent expense 652 Supplies expense 683 Property tax expense 22.000 83.000 20.000 131.000 42.000 2,420 14,000 4,500 684 Repairs expense 690 Utilities expense 2.800 4.700 Totals $ 264.600 $ 204,600 $ Net Profit To 2.1 Prepare the adjusting entries. (Omit the "$"sign in your response.) Adjusting entries (all dated June 30, 2015). General Journal (Click to select) (Click to select) Debit Credit (Click to select) (Click to select) (Click to select) (Click to select) d. (Click to select) (Click to select) e. (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) h. (Click to select) (Click to select) 2.2 Prepare the closing entries. (Omit the "$" sign in your response.) Closing entries (all dated June 30, 2015): General Journal Debit Credit (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) 3. Prepare the income statement for the year ended June 30. (Input all amounts as positive values. Omit the "$"sign in your response.) ADAMS CONSTRUCTION CO. Income Statement For Year Ended June 30, 2015 (Click to select) Expenses (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) Total expenses (Click to select) 4. Prepare the statement of changes in equity for the year ended June 30. (Amounts to be deducted should be indicated by a minus sign. Omit the "S"sign in your response.) ADAMS CONSTRUCTION CO. Statement of Changes in Equity For Year Ended June 30, 2015 (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) 5. Prepare the classified statement of financial position at June 30, 2015. (Be sure to list the assets and liabilities in order of their liquidity. Amounts to be deducted should be indicated by a minus sigr Omit the "$"sign in your response.) Adams Construction Co. Statement of Financial Position June 30, 2015 Assets Current Assets (Click to select) (Click to select) (Click to select) Total Current Assets Property, plant and equipment (Click to select) (Click to select) Total Assets Liabilities Current Liabilities (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) Total Current Liabilities Noncurrent Liabilities (Click to select) Total Liabilities Equity (Click to select) Total Liabilities and Equity

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