The following unadjusted trial balance is for Ace Construction Company at its June 30 current fiscal...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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 $57,600 on June 30 of the prior year, and the owner invested $26,000 cash during the current fiscal year. Number Account Title 101 Cash 126 128 167 169 201 203 200 210 213 251 ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Interest payable Rent payable Wagen payable Property taxes payable Long-term notes payable v. Ace, Capital V. Ace, Withdrawals 301 302 403 Construction revenue 612 Depreciation expense-Equipment 623 633 637 640 652 683 604 690 Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Repairs expense Utilities expense Totals Debit $20,000 7,500 5,500 150,200 28,000 Credit $ 21,500 6,600 0 0 30,000 83,600 140,000 0 43,000 3,300 0 13,000 0 4,500 2,000 4,700 $ 281,700 $281,700 Adjustments: a. Supplies available at the end of the current fiscal year total $2,700. b. Cost of expired insurance for the current fiscal year is $3,465. c. Annual depreciation on equipment is $8,600. d. 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. e. Employees have earned $1,500 of accrued and unpaid wages at fiscal year-end. f. Rent expense incurred and not yet paid or recorded at fiscal year-end is $300. g. Additional property taxes of $900 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end. h. $300 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 $57,600 on June 30 of the prior year, and the owner invested $26,000 cash during the current fiscal year. Number Account Title 101 Cash 126 128 167 169 201 203 200 210 213 251 ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Interest payable Rent payable Wagen payable Property taxes payable Long-term notes payable v. Ace, Capital V. Ace, Withdrawals 301 302 403 Construction revenue 612 Depreciation expense-Equipment 623 633 637 640 652 683 604 690 Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Repairs expense Utilities expense Totals Debit $20,000 7,500 5,500 150,200 28,000 Credit $ 21,500 6,600 0 0 30,000 83,600 140,000 0 43,000 3,300 0 13,000 0 4,500 2,000 4,700 $ 281,700 $281,700 Adjustments: a. Supplies available at the end of the current fiscal year total $2,700. b. Cost of expired insurance for the current fiscal year is $3,465. c. Annual depreciation on equipment is $8,600. d. 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. e. Employees have earned $1,500 of accrued and unpaid wages at fiscal year-end. f. Rent expense incurred and not yet paid or recorded at fiscal year-end is $300. g. Additional property taxes of $900 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end. h. $300 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.
Expert Answer:
Answer rating: 100% (QA)
1 Prepare 10column worksheet Debit Balances column Cash 20000 Supplies 7500 Prepaid Insurance 5500 E... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Solve the system of equations by substitution. Sx+ y=0 2x+ 3y = -7 x = 6, y = -6; (6, -6) x = -6, y = 6; (-6, 6) x = 7, y = -7; (7, -7) x = -7, y = 7; (-7, 7) Perform the row operation(s) on the...
-
Oriole Company has sales of $1,615,000 for the first quarter of 2022. In making the sales, the company incurred the following costs and expenses. Product costs Selling expenses Administrative...
-
Solve the system of equations using the inverse of the coefficient matrix of the equivalent matrix equation. a. 4x + 3y = 2, x - 2y = 6 b. 2x - 3y = 7, 4x + y = -7
-
Review each of the following independent sets of conditions. Required: Use AICPA sample size tables to identify the appropriate sample size for use in a statistical sampling application (ROO 5 risk...
-
What is the distinction between sales allowances and sales discounts?
-
How easy is it to forecast the Australian/U.S. dollar exchange rate? The data file iron contains monthly data on the iron ore price and the exchange rate from 2010M1 to 2016M12. In the questions that...
-
Tourism Use a time series chart to display the data shown in the table. The data represent the percentages of Egypts gross domestic product (GDP) that come from the travel and tourism sector....
-
A major industrialized state has a state corporate tax rate of 9.6% of taxable income. If a corporation has a state taxable income of $150,000, what is the total state and federal income tax it must...
-
A dart is thrown horizontally with an initial speed of 11.39m/s towards a dartboard that is horizontal distance of 2.52 m from the position of the dart when it is released. What vertical distance in...
-
Nestl: Integrating Marketing Communication into Daily Operations Nestl is a company that is over 150 years old. Todays world is fast paced. Digital marketing plays a big part in the ever-changing...
-
Using Curly arrows, write a possible reaction mechanism for each of the following transformations. H HO (i) H*, Heat HO H
-
In which ways is the long tail concept relevant to campaign planning?
-
Why do the marketing, operations, human resource management, and IT functions need to be closely coordinated in service organizations?
-
What are the key decisions when creating or improving an online community?
-
You have been appointed manager of a website and have been asked to develop a metrics programme. Briefly explain the steps you would take to develop this programme.
-
What are the constraints on web service design depending on the technology platform the service is accessed on?
-
You have a (single block) ciphertext message (in binary): 1000 1011 0111 1010. Use your Student ID (10203040) number to obtain a 16-bit key as follows: Key (in decimal) = ID mod 65536. Using...
-
For each of the following transactions, indicate whether it increases, decreases, or has no effect on the following financial ratios: current ratio, debt-to-equity ratio, profit margin ratio, and...
-
In problem, use the given function f to: (a) Find the domain of f. (b) Graph f. (c) From the graph, determine the range and any asymptotes of f. (d) Find f -1 , the inverse of f. (e) Find the domain...
-
In Problem, (a) Find the intercepts of the graph of each equation and (b) Graph the equation. -0.3x + 0.4y = 1.2
-
Explain why formula (7) cannot be used to show that Establish this identity by using formulas (3a) and (3b). = cot 0 tan
-
What ideas do you have for a new business? How can you multiply the stimuli around these ideas to enhance them and identify attractive opportunities?
-
What do you really enjoy doing? What is your passion? Can your passion be a platform for a viable opportunity?
-
What do your friends and family envision you doing? What strengths and weaknesses do they observe? How do their insights help lead you to an opportunity that is right for you?
Study smarter with the SolutionInn App