Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

What is the Income Statement for Revenue and Expenses. What is the Net income? its asking what accounts goes into Revenues and what accounts goes

What is the Income Statement for Revenue and Expenses. What is the Net income? image text in transcribed
image text in transcribed
its asking what accounts goes into Revenues and what accounts goes into Revenues Expenses
This the full homework assignment, Really need help puttong everthing im not good at accounting image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Do you need the whole homework problem?
during the 2019 fiscal year. Information for adjustments is as follows: a. The supplies available at the end of fiscal year 2019 had a cost of $3,300. b. The cost of expired insurance for the fiscal year is $3,800. c. Annual depreciation on equipment is $8,400. d. The June utilities expense of $650 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $650 amount owed needs to be recorded. e. The company's employees have earned $1,800 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 $500. g. Additional property taxes of $1,000 have been assessed for this fiscal year but have not been paid or recorded in the accounts. h. The $250 accrued interest for June on the long-term notes payable has not yet been paid or recorded. Requirement General General Income Journal Trial Balance St Owners Ledger Statement Equity Balance Sheet Post Closing Use the drop-downs to select the accounts properly included on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection Unadjusted ACE CONSTRUCTION CO. Income Statement For Year Ended June 30, 2019 ACE CONSTRUCTION CO. Income Statement For Year Ended June 30, 2019 Revenues: $ 0 0 Expenses: 0 0 0 0 0 0 0 0 0 0 Net income $ 0 e. The company's employees have earned $1,800 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 $500. g. Additional property taxes of $1,000 have been assessed for this fiscal year but have not been paid or recorded in the accou h. The $250 accrued interest for June on the long-term notes payable has not yet been paid or recorded. Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing General Journal tab - Prepare any necessary adjusting and closing entries for the current fiscal year. General Ledger tab. Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances. Trial Balance tab - You may view the unadjusted, adjusted, or post-closing trial balances by choosing from the dropdown box below. Your choice will determine the reported values on the financial statement tabs. Income Statement tab - Use the drop-downs to select the accounts properly included on the income statement. The unadjusted, adjusted or post-closing balances will appear for each account, based on your selection. Statement or Owner's Equity tab - The unadjusted, adjusted or post-closing balances will appear for each account, based on your selection, Balance Sheet tab - Use the drop-downs to select the accounts properly included on the balance sheet. The unadjusted, adjusted or post-closing balances will appear for each account, based on your selection. Post-Closing tab - Use the drop-downs to indicate whether each account is included on the post-closing trial balance. Requiremer General Journal > Chapter 4-Homework Problems: Accounting Cycle - 6 Saved Help Say I 1 1 Journal entry worksheet 1 2 5 7 8 12 50 points The supplies available at the end of fiscal year 2019 had a cost of $3,300. Record the required adjusting entry, if any. Pent Note: Enter debits before credits Account Title Debit Credit Date Jun 30 Record entry Clearly View general Journal Unadjusted General Ledger Account Cash Debit Supplies Debit No. Credit No. Credit Date Jun 30 Balance 18,500 Date Jun 30 Balance 9,900 Book Prepaid insurance Debit Credit Equipment Debit No No. Credit Date Jun 30 Balance 7,200 Date Jun 30 Balance 132,000 Accumulated depreciation Equipment Date Debit Credit Jun 30 Accounts payable Debit Credit No. No. Balance 26.250 Dale Jun 30 Balance 6,800 Long-term notes payable Debit Credit V. Ace, Capital Debit Credit No. No. Date Jun 30 Balance 25.000 Date Jun 30 Balance 88.660 V. Ace, Withdrawals Construction fees earned 1 of 1 Next ter 4-Homework Problems: Accounting Cycle. Saved Help Sav 1 V. Aco, Capital Long-term notes payable Debit Credit No. No. Debit Credit Date Jun 30 Balance 25,000 Date Jun 30 Balance 88,650 Construction fees carned V. Ace, Withdrawals Debit Credit No. Date No. Debit Credit Balance 33,000 Date Jun 30 Book Balance 132,100 Jun 30 Print Wages expense Debit Credit Interest expense Debit Credit No. No. Date Jun 30 Balance 46,860 Date Jun 30 Balance 2,750 Rent expense Property taxes expense Debit Credit No. Debit Credit No. Date Jun 30 Balance 12.000 Date Jun 30 Balance 7,800 Repairs expense Debit Credit Utilities expense Debit Credit No. No. Date Jun 30 Balance 2.910 Date Jun 30 Balance 5,890 > Trial Balance June 30, 2019 Account Title Debit Credit $ 18,500 9,900 7,200 132,000 OK ht 26,250 6,800 25,000 88,660 Cash Supplies Prepaid insurance Equipment Accumulated depreciation - Equipment Accounts payable Long-term notes payable V. Ace, Capital V. Ace, Withdrawals Construction fees earned 'Wages expense Interest expense Rent expense Property taxes expense Repairs expense Utilities expense Total 33,000 132.100 46,860 2,750 12,000 7.800 2,910 5,890 278,810 $ $ 278,810 oter 4 Homework Problems: Accounting Cycle ... Seved Help Save CH 1 ACE CONSTRUCTION CO. Income Statement For Year Ended June 30, 2019 Revenues ts $ 0 0 eBook Expenses Print 0 0 0 0 0 0 0 0 0 0 Net income $ 0 Tia Daianice Dalance sneeu POST LIUSing Requirement Journal Ledger Statement Equity The unadjusted or adjusted balances will appear for each item, based on your selection. If post-closing is selech ending capital will be displayed. Unadjusted ACE CONSTRUCTION CO. Statement of Owner's Equity For Year Ended June 30, 2019 V. Ace, Capital, June 30, 2018 Add: Investments by owner $ 53,660 35,000 35,000 88,660 Less: Withdrawals by owner 33,000 (33,000) 55,660 V. Ace, Capital, June 30, 2019 (Income Statement Balance Sheet > Saved apter 4-Homework Problems: Accounting Cycle ... 6 Help Sav 1 Unadjusted ACE CONSTRUCTION CO. Balance Sheet June 30, 2019 ASSETS nts Current assets eBook $ 0 0 0 0 Plant assets LIABILITIES AND EQUITY Current liabilities 0 0 Chapter 4-Homework Problems: Accounting Cycle ... Seved Help 1 LIABILITIES AND EQUITY 50 points Current liabilities: $ 0 0 eBook 0 Print 0 0 0 $ 0 Noncurrent liabilities 0 Equity Saved -Homework Problems: Accounting Cycle. Help Save & E Che Begin by selecting "Post-closing" from the drop-down below. Then, for each account, use the drop-down to indicate whether the account is included on the post-closing trial balance. Based on your decisions, the post-closing trial balance will be created. Compare your results with the Trial Balance tab. Unadjusted Included on Post-closing trial balance? Type of Account Post-closing Trial Balance Dr. Cr Account 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 fees earned 1 nts V. Ace, Capital V. Ace, Withdrawals Construction fees eamed Depreciation expense - Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Repairs expense Utilities expense Book Totals $ 0 0 $ Chapter 4-Homework Problems: Accounting Cycle - 6 Saved Help Say I 1 1 Journal entry worksheet 1 2 5 7 8 12 50 points The supplies available at the end of fiscal year 2019 had a cost of $3,300. Record the required adjusting entry, if any. Pent Note: Enter debits before credits Account Title Debit Credit Date Jun 30 Record entry Clearly View general Journal Unadjusted General Ledger Account Cash Debit Supplies Debit No. Credit No. Credit Date Jun 30 Balance 18,500 Date Jun 30 Balance 9,900 Book Prepaid insurance Debit Credit Equipment Debit No No. Credit Date Jun 30 Balance 7,200 Date Jun 30 Balance 132,000 Accumulated depreciation Equipment Date Debit Credit Jun 30 Accounts payable Debit Credit No. No. Balance 26.250 Dale Jun 30 Balance 6,800 Long-term notes payable Debit Credit V. Ace, Capital Debit Credit No. No. Date Jun 30 Balance 25.000 Date Jun 30 Balance 88.660 V. Ace, Withdrawals Construction fees earned 1 of 1 Next ter 4-Homework Problems: Accounting Cycle. Saved Help Sav 1 V. Aco, Capital Long-term notes payable Debit Credit No. No. Debit Credit Date Jun 30 Balance 25,000 Date Jun 30 Balance 88,650 Construction fees carned V. Ace, Withdrawals Debit Credit No. Date No. Debit Credit Balance 33,000 Date Jun 30 Book Balance 132,100 Jun 30 Print Wages expense Debit Credit Interest expense Debit Credit No. No. Date Jun 30 Balance 46,860 Date Jun 30 Balance 2,750 Rent expense Property taxes expense Debit Credit No. Debit Credit No. Date Jun 30 Balance 12.000 Date Jun 30 Balance 7,800 Repairs expense Debit Credit Utilities expense Debit Credit No. No. Date Jun 30 Balance 2.910 Date Jun 30 Balance 5,890 > Trial Balance June 30, 2019 Account Title Debit Credit $ 18,500 9,900 7,200 132,000 OK ht 26,250 6,800 25,000 88,660 Cash Supplies Prepaid insurance Equipment Accumulated depreciation - Equipment Accounts payable Long-term notes payable V. Ace, Capital V. Ace, Withdrawals Construction fees earned 'Wages expense Interest expense Rent expense Property taxes expense Repairs expense Utilities expense Total 33,000 132.100 46,860 2,750 12,000 7.800 2,910 5,890 278,810 $ $ 278,810 oter 4 Homework Problems: Accounting Cycle ... Seved Help Save CH 1 ACE CONSTRUCTION CO. Income Statement For Year Ended June 30, 2019 Revenues ts $ 0 0 eBook Expenses Print 0 0 0 0 0 0 0 0 0 0 Net income $ 0 Tia Daianice Dalance sneeu POST LIUSing Requirement Journal Ledger Statement Equity The unadjusted or adjusted balances will appear for each item, based on your selection. If post-closing is selech ending capital will be displayed. Unadjusted ACE CONSTRUCTION CO. Statement of Owner's Equity For Year Ended June 30, 2019 V. Ace, Capital, June 30, 2018 Add: Investments by owner $ 53,660 35,000 35,000 88,660 Less: Withdrawals by owner 33,000 (33,000) 55,660 V. Ace, Capital, June 30, 2019 (Income Statement Balance Sheet > Saved apter 4-Homework Problems: Accounting Cycle ... 6 Help Sav 1 Unadjusted ACE CONSTRUCTION CO. Balance Sheet June 30, 2019 ASSETS nts Current assets eBook $ 0 0 0 0 Plant assets LIABILITIES AND EQUITY Current liabilities 0 0 Chapter 4-Homework Problems: Accounting Cycle ... Seved Help 1 LIABILITIES AND EQUITY 50 points Current liabilities: $ 0 0 eBook 0 Print 0 0 0 $ 0 Noncurrent liabilities 0 Equity Saved -Homework Problems: Accounting Cycle. Help Save & E Che Begin by selecting "Post-closing" from the drop-down below. Then, for each account, use the drop-down to indicate whether the account is included on the post-closing trial balance. Based on your decisions, the post-closing trial balance will be created. Compare your results with the Trial Balance tab. Unadjusted Included on Post-closing trial balance? Type of Account Post-closing Trial Balance Dr. Cr Account 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 fees earned 1 nts V. Ace, Capital V. Ace, Withdrawals Construction fees eamed Depreciation expense - Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Repairs expense Utilities expense Book Totals $ 0 0 $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting IFRS Principles

Authors: Ilse Lubbe, Goolam Modack, Shelly Herbert

5th Edition

0190746920, 978-0190746926

More Books

Students also viewed these Accounting questions

Question

Describe how to get and give criticism effectively.

Answered: 1 week ago