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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 $55,300 on June 30 of the prior year, and the owner invested $27,000 cash during the current fiscal year. Credit Debit $ 20,000 9,500 6,500 162,530 $ Number 101 126 128 167 168 201 05 203 208 200 210 213 251 301 302 403 612 012 623 633 637 640 652 683 684 690 ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Account Title Cash Supplies Prepaid insurance Equipment - Accumulated depreciation-Equipment Accounts payable Interest payable Rent payable Wages payable Property taxes payable Long-term notes payable V. Ace, Capital V. Ace, Withdrawals Construction revenue Depreciation expense-Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Repairs expense Utilities expense Totals 27,500 6,600 0 0 0 0 27,000 82,300 25,500 148,000 0 41,000 2,970 12,000 0 4,000 2,400 5,000 $ 291,400 $ 291,400 Adjustments: a. Supplies available at the end of the current fiscal year total $3,420. b. Cost of expired insurance for the current fiscal year is $4,095. c. Annual depreciation on equipment is $8,100. d. June utilities expense of $520 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $520 amount owed must be recorded. e. Employees have earned $1,200 of accrued and unpaid wages at fiscal year-end. f. Rent expense incurred and not yet paid or recorded at fiscal year-end is $200. g. Additional property taxes of $800 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end. h. $270 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. For Year Ended June 30 Adjusted Trial Balance Income Statement Adjustments Debit Credit Balance Sheet and Sta of Owner's Equi Debit C Account Title Credit Debit Credit $ 6,080 Unadjusted Trial Balance Debit Credit $ 20,000 9,500 6,500 162.530 27,500 6,600 Debit 20.000 3,420 2,405 152,530 4,095 8,100 520 270 200 Cash Supplies Prepaid insurance Equipment Accumulated depreciation Equipment Accounts payable nterest payable Rent payable Nages payable Property taxes payable cong-term notes payable 1. Ace, Capital 1. Ace, Withdrawals Construction revenue Depreciation expense-Equipment Nages expense nterest expense 27,000 82,300 25,500 148,000 41,000 2,970 12,000 nsurance expense Rent expense Supplies expense Property taxes expense Repairs expense Utilities expense Totals 4,000 2,400 5.000 $ 291,400 $ 291,400 $ 0 0 $ 19,265 $ 178,355 6 $ 0 0 0 0 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 income statement for the year ended June 30. ACE CONSTRUCTION COMPANY Income Statement For Year Ended June 30 Revenues: Expenses: Total expenses 0 $ 0 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. ACE CONSTRUCTION COMPANY Statement of Owner's Equity For Year Ended June 30 V. Ace, Capital, June 30 prior year 0 V. Ace, Capital, June 30 current year $ 0 ACE CONSTRUCTION COMPANY Balance Sheet June 30 $ 0 0 $ 0 $ 0
