The following unadjusted trial balance is for ACE CONSTRUCTION CO. as of the end of its...
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The following unadjusted trial balance is for ACE CONSTRUCTION CO. as of the end of its 2017 fiscal year. The June 30, 2016, credit balance of the owner's capital account was $52,000, and the owner invested $24,000 cash in the company during the 2017 fiscal year. ACE CONSTRUCTION Co. Unadjusted Trial Balance June 30, 2017 No. Account Title Debit Credit 101 Cash $ 20,000 126 Supplies 8,000 128 Prepaid insurance. 6,500 167 Equipment 150,620 168 Accumulated depreciation-Equipment. 201 $ 29,000 5,200 201 Accounts payable AV HOVE 203 200 pent Interest payable 0 om 208 Rent payable 200 nent pay 210 Wages payable 40 wage 0 213 Property taxes payable 251 Long-term notes payable 28,000 76,000 301 V. Ace, Capital 302 V. Ace, Withdrawals 31,000 401 Construction fees earned 150,000 61 Denven 612 Depreciation expense-Equipment 0 629 929 623 Wages wages expense expense 46,000 633 Interest expense 3,080 637 Insurance expense 640 po 640 Rent expense 12,000 652 Supplies expense 683 Proper taxes expense 4,700 2,400 684 Repairs expense 690 Utilities expense 3,900 Totals $288, 200 $288, 200 Adjustments: 0 0 Adjustments: a. The supplies available at the end of fiscal year 2017 had a cost of $2,880. b. The cost of expired insurance for the fiscal year is $4,095. c. Annual depreciation on equipment is $8,400. d. The 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 needs to be recorded. e. The company's employees have earned $1,700 of accrued wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $200. g. Additional property taxes of $900 have been assessed for this fiscal 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 2017 fiscal year. The $280 accrued interest for June has not yet been paid or recorded. (The company is required to make a $4,500 payment toward the note payable during the 2018 fiscal year.) Required: 1. Prepare a 10-column work sheet for fiscal year 2017, starting with the unadjusted trial balance and including adjustments based on the additional facts. 2a. Prepare the adjusting entries. (all dated June 30, 2017). 2b. Prepare the closing entries. (all dated June 30, 2017): 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, 2017. Complete this question by entering your answers in the tabs below. Prepare a 10-column work sheet for fiscal year 2017, starting with the unadjusted trial balance and including adjustments based on the additional facts. The June 30, 2016, credit balance c $52000, and the owner invested $24000 cash in the company during the 2017 fiscal year. ACE CONSTRUCTION CO. Work Sheet For Year Ended June 30, 2017 Unadjusted Trial Balance Balance Sheet and Statement Adjusted Trial Balance Adjustments Dr. Income Statement Dr. of Owner's Equity Dr. Cr. Account Title No. Dr. Cr. Dr. Cr. Cr. 101 Cash $ 20,000 126 Supplies 8,000 128 Prepaid insurance 6,500 167 Equipment 150,620 168 Accumulated depreciation-Equipment 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 220 Current portion of Long-term notes payable" 251 Long-term notes payable* 301 V. Ace, Capital 302 V. Ace, Withdrawals 401 Construction fees earned 612 Depreciation expense-Equipment 31,000 29,000 5,200 4,500 23,500 76,000 150,000 Cr. 4,500 23,500 623 Wages expense 46,000 633 Interest expense 3,080 637 Insurance expense 640 Rent expense 12,000 652 Supplies expense 683 Property taxes expense 4,700 684 Repairs expense 2,400 690 Utilities expense 3,900 Totals $288,200 $ 288,200 Net Income Totals *Using item h above, the notes payable account is reclassified into current and long-term portions for the unadjusted trial balance columns of the work sheet. Required 1 Required 2A > The following unadjusted trial balance is for ACE CONSTRUCTION CO. as of the end of its 2017 fiscal year. The June 30, 2016, credit balance of the owner's capital account was $52,000, and the owner invested $24,000 cash in the company during the 2017 fiscal year. ACE CONSTRUCTION Co. Unadjusted Trial Balance June 30, 2017 No. Account Title Debit Credit 101 Cash $ 20,000 126 Supplies 8,000 128 Prepaid insurance. 6,500 167 Equipment 150,620 168 Accumulated depreciation-Equipment. 201 $ 29,000 5,200 201 Accounts payable AV HOVE 203 200 pent Interest payable 0 om 208 Rent payable 200 nent pay 210 Wages payable 40 wage 0 213 Property taxes payable 251 Long-term notes payable 28,000 76,000 301 V. Ace, Capital 302 V. Ace, Withdrawals 31,000 401 Construction fees earned 150,000 61 Denven 612 Depreciation expense-Equipment 0 629 929 623 Wages wages expense expense 46,000 633 Interest expense 3,080 637 Insurance expense 640 po 640 Rent expense 12,000 652 Supplies expense 683 Proper taxes expense 4,700 2,400 684 Repairs expense 690 Utilities expense 3,900 Totals $288, 200 $288, 200 Adjustments: 0 0 Adjustments: a. The supplies available at the end of fiscal year 2017 had a cost of $2,880. b. The cost of expired insurance for the fiscal year is $4,095. c. Annual depreciation on equipment is $8,400. d. The 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 needs to be recorded. e. The company's employees have earned $1,700 of accrued wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $200. g. Additional property taxes of $900 have been assessed for this fiscal 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 2017 fiscal year. The $280 accrued interest for June has not yet been paid or recorded. (The company is required to make a $4,500 payment toward the note payable during the 2018 fiscal year.) Required: 1. Prepare a 10-column work sheet for fiscal year 2017, starting with the unadjusted trial balance and including adjustments based on the additional facts. 2a. Prepare the adjusting entries. (all dated June 30, 2017). 2b. Prepare the closing entries. (all dated June 30, 2017): 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, 2017. Complete this question by entering your answers in the tabs below. Prepare a 10-column work sheet for fiscal year 2017, starting with the unadjusted trial balance and including adjustments based on the additional facts. The June 30, 2016, credit balance c $52000, and the owner invested $24000 cash in the company during the 2017 fiscal year. ACE CONSTRUCTION CO. Work Sheet For Year Ended June 30, 2017 Unadjusted Trial Balance Balance Sheet and Statement Adjusted Trial Balance Adjustments Dr. Income Statement Dr. of Owner's Equity Dr. Cr. Account Title No. Dr. Cr. Dr. Cr. Cr. 101 Cash $ 20,000 126 Supplies 8,000 128 Prepaid insurance 6,500 167 Equipment 150,620 168 Accumulated depreciation-Equipment 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 220 Current portion of Long-term notes payable" 251 Long-term notes payable* 301 V. Ace, Capital 302 V. Ace, Withdrawals 401 Construction fees earned 612 Depreciation expense-Equipment 31,000 29,000 5,200 4,500 23,500 76,000 150,000 Cr. 4,500 23,500 623 Wages expense 46,000 633 Interest expense 3,080 637 Insurance expense 640 Rent expense 12,000 652 Supplies expense 683 Property taxes expense 4,700 684 Repairs expense 2,400 690 Utilities expense 3,900 Totals $288,200 $ 288,200 Net Income Totals *Using item h above, the notes payable account is reclassified into current and long-term portions for the unadjusted trial balance columns of the work sheet. Required 1 Required 2A > The following unadjusted trial balance is for ACE CONSTRUCTION CO. as of the end of its 2017 fiscal year. The June 30, 2016, credit balance of the owner's capital account was $52,000, and the owner invested $24,000 cash in the company during the 2017 fiscal year. ACE CONSTRUCTION Co. Unadjusted Trial Balance June 30, 2017 No. Account Title Debit Credit 101 Cash $ 20,000 126 Supplies 8,000 128 Prepaid insurance. 6,500 167 Equipment 150,620 168 Accumulated depreciation-Equipment. 201 $ 29,000 5,200 201 Accounts payable AV HOVE 203 200 pent Interest payable 0 om 208 Rent payable 200 nent pay 210 Wages payable 40 wage 0 213 Property taxes payable 251 Long-term notes payable 28,000 76,000 301 V. Ace, Capital 302 V. Ace, Withdrawals 31,000 401 Construction fees earned 150,000 61 Denven 612 Depreciation expense-Equipment 0 629 929 623 Wages wages expense expense 46,000 633 Interest expense 3,080 637 Insurance expense 640 po 640 Rent expense 12,000 652 Supplies expense 683 Proper taxes expense 4,700 2,400 684 Repairs expense 690 Utilities expense 3,900 Totals $288, 200 $288, 200 Adjustments: 0 0 Adjustments: a. The supplies available at the end of fiscal year 2017 had a cost of $2,880. b. The cost of expired insurance for the fiscal year is $4,095. c. Annual depreciation on equipment is $8,400. d. The 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 needs to be recorded. e. The company's employees have earned $1,700 of accrued wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $200. g. Additional property taxes of $900 have been assessed for this fiscal 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 2017 fiscal year. The $280 accrued interest for June has not yet been paid or recorded. (The company is required to make a $4,500 payment toward the note payable during the 2018 fiscal year.) Required: 1. Prepare a 10-column work sheet for fiscal year 2017, starting with the unadjusted trial balance and including adjustments based on the additional facts. 2a. Prepare the adjusting entries. (all dated June 30, 2017). 2b. Prepare the closing entries. (all dated June 30, 2017): 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, 2017. Complete this question by entering your answers in the tabs below. Prepare a 10-column work sheet for fiscal year 2017, starting with the unadjusted trial balance and including adjustments based on the additional facts. The June 30, 2016, credit balance c $52000, and the owner invested $24000 cash in the company during the 2017 fiscal year. ACE CONSTRUCTION CO. Work Sheet For Year Ended June 30, 2017 Unadjusted Trial Balance Balance Sheet and Statement Adjusted Trial Balance Adjustments Dr. Income Statement Dr. of Owner's Equity Dr. Cr. Account Title No. Dr. Cr. Dr. Cr. Cr. 101 Cash $ 20,000 126 Supplies 8,000 128 Prepaid insurance 6,500 167 Equipment 150,620 168 Accumulated depreciation-Equipment 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 220 Current portion of Long-term notes payable" 251 Long-term notes payable* 301 V. Ace, Capital 302 V. Ace, Withdrawals 401 Construction fees earned 612 Depreciation expense-Equipment 31,000 29,000 5,200 4,500 23,500 76,000 150,000 Cr. 4,500 23,500 623 Wages expense 46,000 633 Interest expense 3,080 637 Insurance expense 640 Rent expense 12,000 652 Supplies expense 683 Property taxes expense 4,700 684 Repairs expense 2,400 690 Utilities expense 3,900 Totals $288,200 $ 288,200 Net Income Totals *Using item h above, the notes payable account is reclassified into current and long-term portions for the unadjusted trial balance columns of the work sheet. Required 1 Required 2A > The following unadjusted trial balance is for ACE CONSTRUCTION CO. as of the end of its 2017 fiscal year. The June 30, 2016, credit balance of the owner's capital account was $52,000, and the owner invested $24,000 cash in the company during the 2017 fiscal year. ACE CONSTRUCTION Co. Unadjusted Trial Balance June 30, 2017 No. Account Title Debit Credit 101 Cash $ 20,000 126 Supplies 8,000 128 Prepaid insurance. 6,500 167 Equipment 150,620 168 Accumulated depreciation-Equipment. 201 $ 29,000 5,200 201 Accounts payable AV HOVE 203 200 pent Interest payable 0 om 208 Rent payable 200 nent pay 210 Wages payable 40 wage 0 213 Property taxes payable 251 Long-term notes payable 28,000 76,000 301 V. Ace, Capital 302 V. Ace, Withdrawals 31,000 401 Construction fees earned 150,000 61 Denven 612 Depreciation expense-Equipment 0 629 929 623 Wages wages expense expense 46,000 633 Interest expense 3,080 637 Insurance expense 640 po 640 Rent expense 12,000 652 Supplies expense 683 Proper taxes expense 4,700 2,400 684 Repairs expense 690 Utilities expense 3,900 Totals $288, 200 $288, 200 Adjustments: 0 0 Adjustments: a. The supplies available at the end of fiscal year 2017 had a cost of $2,880. b. The cost of expired insurance for the fiscal year is $4,095. c. Annual depreciation on equipment is $8,400. d. The 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 needs to be recorded. e. The company's employees have earned $1,700 of accrued wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $200. g. Additional property taxes of $900 have been assessed for this fiscal 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 2017 fiscal year. The $280 accrued interest for June has not yet been paid or recorded. (The company is required to make a $4,500 payment toward the note payable during the 2018 fiscal year.) Required: 1. Prepare a 10-column work sheet for fiscal year 2017, starting with the unadjusted trial balance and including adjustments based on the additional facts. 2a. Prepare the adjusting entries. (all dated June 30, 2017). 2b. Prepare the closing entries. (all dated June 30, 2017): 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, 2017. Complete this question by entering your answers in the tabs below. Prepare a 10-column work sheet for fiscal year 2017, starting with the unadjusted trial balance and including adjustments based on the additional facts. The June 30, 2016, credit balance c $52000, and the owner invested $24000 cash in the company during the 2017 fiscal year. ACE CONSTRUCTION CO. Work Sheet For Year Ended June 30, 2017 Unadjusted Trial Balance Balance Sheet and Statement Adjusted Trial Balance Adjustments Dr. Income Statement Dr. of Owner's Equity Dr. Cr. Account Title No. Dr. Cr. Dr. Cr. Cr. 101 Cash $ 20,000 126 Supplies 8,000 128 Prepaid insurance 6,500 167 Equipment 150,620 168 Accumulated depreciation-Equipment 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 220 Current portion of Long-term notes payable" 251 Long-term notes payable* 301 V. Ace, Capital 302 V. Ace, Withdrawals 401 Construction fees earned 612 Depreciation expense-Equipment 31,000 29,000 5,200 4,500 23,500 76,000 150,000 Cr. 4,500 23,500 623 Wages expense 46,000 633 Interest expense 3,080 637 Insurance expense 640 Rent expense 12,000 652 Supplies expense 683 Property taxes expense 4,700 684 Repairs expense 2,400 690 Utilities expense 3,900 Totals $288,200 $ 288,200 Net Income Totals *Using item h above, the notes payable account is reclassified into current and long-term portions for the unadjusted trial balance columns of the work sheet. Required 1 Required 2A > The following unadjusted trial balance is for ACE CONSTRUCTION CO. as of the end of its 2017 fiscal year. The June 30, 2016, credit balance of the owner's capital account was $52,000, and the owner invested $24,000 cash in the company during the 2017 fiscal year. ACE CONSTRUCTION Co. Unadjusted Trial Balance June 30, 2017 No. Account Title Debit Credit 101 Cash $ 20,000 126 Supplies 8,000 128 Prepaid insurance. 6,500 167 Equipment 150,620 168 Accumulated depreciation-Equipment. 201 $ 29,000 5,200 201 Accounts payable AV HOVE 203 200 pent Interest payable 0 om 208 Rent payable 200 nent pay 210 Wages payable 40 wage 0 213 Property taxes payable 251 Long-term notes payable 28,000 76,000 301 V. Ace, Capital 302 V. Ace, Withdrawals 31,000 401 Construction fees earned 150,000 61 Denven 612 Depreciation expense-Equipment 0 629 929 623 Wages wages expense expense 46,000 633 Interest expense 3,080 637 Insurance expense 640 po 640 Rent expense 12,000 652 Supplies expense 683 Proper taxes expense 4,700 2,400 684 Repairs expense 690 Utilities expense 3,900 Totals $288, 200 $288, 200 Adjustments: 0 0 Adjustments: a. The supplies available at the end of fiscal year 2017 had a cost of $2,880. b. The cost of expired insurance for the fiscal year is $4,095. c. Annual depreciation on equipment is $8,400. d. The 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 needs to be recorded. e. The company's employees have earned $1,700 of accrued wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $200. g. Additional property taxes of $900 have been assessed for this fiscal 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 2017 fiscal year. The $280 accrued interest for June has not yet been paid or recorded. (The company is required to make a $4,500 payment toward the note payable during the 2018 fiscal year.) Required: 1. Prepare a 10-column work sheet for fiscal year 2017, starting with the unadjusted trial balance and including adjustments based on the additional facts. 2a. Prepare the adjusting entries. (all dated June 30, 2017). 2b. Prepare the closing entries. (all dated June 30, 2017): 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, 2017. Complete this question by entering your answers in the tabs below. Prepare a 10-column work sheet for fiscal year 2017, starting with the unadjusted trial balance and including adjustments based on the additional facts. The June 30, 2016, credit balance c $52000, and the owner invested $24000 cash in the company during the 2017 fiscal year. ACE CONSTRUCTION CO. Work Sheet For Year Ended June 30, 2017 Unadjusted Trial Balance Balance Sheet and Statement Adjusted Trial Balance Adjustments Dr. Income Statement Dr. of Owner's Equity Dr. Cr. Account Title No. Dr. Cr. Dr. Cr. Cr. 101 Cash $ 20,000 126 Supplies 8,000 128 Prepaid insurance 6,500 167 Equipment 150,620 168 Accumulated depreciation-Equipment 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 220 Current portion of Long-term notes payable" 251 Long-term notes payable* 301 V. Ace, Capital 302 V. Ace, Withdrawals 401 Construction fees earned 612 Depreciation expense-Equipment 31,000 29,000 5,200 4,500 23,500 76,000 150,000 Cr. 4,500 23,500 623 Wages expense 46,000 633 Interest expense 3,080 637 Insurance expense 640 Rent expense 12,000 652 Supplies expense 683 Property taxes expense 4,700 684 Repairs expense 2,400 690 Utilities expense 3,900 Totals $288,200 $ 288,200 Net Income Totals *Using item h above, the notes payable account is reclassified into current and long-term portions for the unadjusted trial balance columns of the work sheet. Required 1 Required 2A > The following unadjusted trial balance is for ACE CONSTRUCTION CO. as of the end of its 2017 fiscal year. The June 30, 2016, credit balance of the owner's capital account was $52,000, and the owner invested $24,000 cash in the company during the 2017 fiscal year. ACE CONSTRUCTION Co. Unadjusted Trial Balance June 30, 2017 No. Account Title Debit Credit 101 Cash $ 20,000 126 Supplies 8,000 128 Prepaid insurance. 6,500 167 Equipment 150,620 168 Accumulated depreciation-Equipment. 201 $ 29,000 5,200 201 Accounts payable AV HOVE 203 200 pent Interest payable 0 om 208 Rent payable 200 nent pay 210 Wages payable 40 wage 0 213 Property taxes payable 251 Long-term notes payable 28,000 76,000 301 V. Ace, Capital 302 V. Ace, Withdrawals 31,000 401 Construction fees earned 150,000 61 Denven 612 Depreciation expense-Equipment 0 629 929 623 Wages wages expense expense 46,000 633 Interest expense 3,080 637 Insurance expense 640 po 640 Rent expense 12,000 652 Supplies expense 683 Proper taxes expense 4,700 2,400 684 Repairs expense 690 Utilities expense 3,900 Totals $288, 200 $288, 200 Adjustments: 0 0 Adjustments: a. The supplies available at the end of fiscal year 2017 had a cost of $2,880. b. The cost of expired insurance for the fiscal year is $4,095. c. Annual depreciation on equipment is $8,400. d. The 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 needs to be recorded. e. The company's employees have earned $1,700 of accrued wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $200. g. Additional property taxes of $900 have been assessed for this fiscal 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 2017 fiscal year. The $280 accrued interest for June has not yet been paid or recorded. (The company is required to make a $4,500 payment toward the note payable during the 2018 fiscal year.) Required: 1. Prepare a 10-column work sheet for fiscal year 2017, starting with the unadjusted trial balance and including adjustments based on the additional facts. 2a. Prepare the adjusting entries. (all dated June 30, 2017). 2b. Prepare the closing entries. (all dated June 30, 2017): 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, 2017. Complete this question by entering your answers in the tabs below. Prepare a 10-column work sheet for fiscal year 2017, starting with the unadjusted trial balance and including adjustments based on the additional facts. The June 30, 2016, credit balance c $52000, and the owner invested $24000 cash in the company during the 2017 fiscal year. ACE CONSTRUCTION CO. Work Sheet For Year Ended June 30, 2017 Unadjusted Trial Balance Balance Sheet and Statement Adjusted Trial Balance Adjustments Dr. Income Statement Dr. of Owner's Equity Dr. Cr. Account Title No. Dr. Cr. Dr. Cr. Cr. 101 Cash $ 20,000 126 Supplies 8,000 128 Prepaid insurance 6,500 167 Equipment 150,620 168 Accumulated depreciation-Equipment 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 220 Current portion of Long-term notes payable" 251 Long-term notes payable* 301 V. Ace, Capital 302 V. Ace, Withdrawals 401 Construction fees earned 612 Depreciation expense-Equipment 31,000 29,000 5,200 4,500 23,500 76,000 150,000 Cr. 4,500 23,500 623 Wages expense 46,000 633 Interest expense 3,080 637 Insurance expense 640 Rent expense 12,000 652 Supplies expense 683 Property taxes expense 4,700 684 Repairs expense 2,400 690 Utilities expense 3,900 Totals $288,200 $ 288,200 Net Income Totals *Using item h above, the notes payable account is reclassified into current and long-term portions for the unadjusted trial balance columns of the work sheet. Required 1 Required 2A > The following unadjusted trial balance is for ACE CONSTRUCTION CO. as of the end of its 2017 fiscal year. The June 30, 2016, credit balance of the owner's capital account was $52,000, and the owner invested $24,000 cash in the company during the 2017 fiscal year. ACE CONSTRUCTION Co. Unadjusted Trial Balance June 30, 2017 No. Account Title Debit Credit 101 Cash $ 20,000 126 Supplies 8,000 128 Prepaid insurance. 6,500 167 Equipment 150,620 168 Accumulated depreciation-Equipment. 201 $ 29,000 5,200 201 Accounts payable AV HOVE 203 200 pent Interest payable 0 om 208 Rent payable 200 nent pay 210 Wages payable 40 wage 0 213 Property taxes payable 251 Long-term notes payable 28,000 76,000 301 V. Ace, Capital 302 V. Ace, Withdrawals 31,000 401 Construction fees earned 150,000 61 Denven 612 Depreciation expense-Equipment 0 629 929 623 Wages wages expense expense 46,000 633 Interest expense 3,080 637 Insurance expense 640 po 640 Rent expense 12,000 652 Supplies expense 683 Proper taxes expense 4,700 2,400 684 Repairs expense 690 Utilities expense 3,900 Totals $288, 200 $288, 200 Adjustments: 0 0 Adjustments: a. The supplies available at the end of fiscal year 2017 had a cost of $2,880. b. The cost of expired insurance for the fiscal year is $4,095. c. Annual depreciation on equipment is $8,400. d. The 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 needs to be recorded. e. The company's employees have earned $1,700 of accrued wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $200. g. Additional property taxes of $900 have been assessed for this fiscal 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 2017 fiscal year. The $280 accrued interest for June has not yet been paid or recorded. (The company is required to make a $4,500 payment toward the note payable during the 2018 fiscal year.) Required: 1. Prepare a 10-column work sheet for fiscal year 2017, starting with the unadjusted trial balance and including adjustments based on the additional facts. 2a. Prepare the adjusting entries. (all dated June 30, 2017). 2b. Prepare the closing entries. (all dated June 30, 2017): 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, 2017. Complete this question by entering your answers in the tabs below. Prepare a 10-column work sheet for fiscal year 2017, starting with the unadjusted trial balance and including adjustments based on the additional facts. The June 30, 2016, credit balance c $52000, and the owner invested $24000 cash in the company during the 2017 fiscal year. ACE CONSTRUCTION CO. Work Sheet For Year Ended June 30, 2017 Unadjusted Trial Balance Balance Sheet and Statement Adjusted Trial Balance Adjustments Dr. Income Statement Dr. of Owner's Equity Dr. Cr. Account Title No. Dr. Cr. Dr. Cr. Cr. 101 Cash $ 20,000 126 Supplies 8,000 128 Prepaid insurance 6,500 167 Equipment 150,620 168 Accumulated depreciation-Equipment 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 220 Current portion of Long-term notes payable" 251 Long-term notes payable* 301 V. Ace, Capital 302 V. Ace, Withdrawals 401 Construction fees earned 612 Depreciation expense-Equipment 31,000 29,000 5,200 4,500 23,500 76,000 150,000 Cr. 4,500 23,500 623 Wages expense 46,000 633 Interest expense 3,080 637 Insurance expense 640 Rent expense 12,000 652 Supplies expense 683 Property taxes expense 4,700 684 Repairs expense 2,400 690 Utilities expense 3,900 Totals $288,200 $ 288,200 Net Income Totals *Using item h above, the notes payable account is reclassified into current and long-term portions for the unadjusted trial balance columns of the work sheet. Required 1 Required 2A > The following unadjusted trial balance is for ACE CONSTRUCTION CO. as of the end of its 2017 fiscal year. The June 30, 2016, credit balance of the owner's capital account was $52,000, and the owner invested $24,000 cash in the company during the 2017 fiscal year. ACE CONSTRUCTION Co. Unadjusted Trial Balance June 30, 2017 No. Account Title Debit Credit 101 Cash $ 20,000 126 Supplies 8,000 128 Prepaid insurance. 6,500 167 Equipment 150,620 168 Accumulated depreciation-Equipment. 201 $ 29,000 5,200 201 Accounts payable AV HOVE 203 200 pent Interest payable 0 om 208 Rent payable 200 nent pay 210 Wages payable 40 wage 0 213 Property taxes payable 251 Long-term notes payable 28,000 76,000 301 V. Ace, Capital 302 V. Ace, Withdrawals 31,000 401 Construction fees earned 150,000 61 Denven 612 Depreciation expense-Equipment 0 629 929 623 Wages wages expense expense 46,000 633 Interest expense 3,080 637 Insurance expense 640 po 640 Rent expense 12,000 652 Supplies expense 683 Proper taxes expense 4,700 2,400 684 Repairs expense 690 Utilities expense 3,900 Totals $288, 200 $288, 200 Adjustments: 0 0 Adjustments: a. The supplies available at the end of fiscal year 2017 had a cost of $2,880. b. The cost of expired insurance for the fiscal year is $4,095. c. Annual depreciation on equipment is $8,400. d. The 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 needs to be recorded. e. The company's employees have earned $1,700 of accrued wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $200. g. Additional property taxes of $900 have been assessed for this fiscal 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 2017 fiscal year. The $280 accrued interest for June has not yet been paid or recorded. (The company is required to make a $4,500 payment toward the note payable during the 2018 fiscal year.) Required: 1. Prepare a 10-column work sheet for fiscal year 2017, starting with the unadjusted trial balance and including adjustments based on the additional facts. 2a. Prepare the adjusting entries. (all dated June 30, 2017). 2b. Prepare the closing entries. (all dated June 30, 2017): 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, 2017. Complete this question by entering your answers in the tabs below. Prepare a 10-column work sheet for fiscal year 2017, starting with the unadjusted trial balance and including adjustments based on the additional facts. The June 30, 2016, credit balance c $52000, and the owner invested $24000 cash in the company during the 2017 fiscal year. ACE CONSTRUCTION CO. Work Sheet For Year Ended June 30, 2017 Unadjusted Trial Balance Balance Sheet and Statement Adjusted Trial Balance Adjustments Dr. Income Statement Dr. of Owner's Equity Dr. Cr. Account Title No. Dr. Cr. Dr. Cr. Cr. 101 Cash $ 20,000 126 Supplies 8,000 128 Prepaid insurance 6,500 167 Equipment 150,620 168 Accumulated depreciation-Equipment 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 220 Current portion of Long-term notes payable" 251 Long-term notes payable* 301 V. Ace, Capital 302 V. Ace, Withdrawals 401 Construction fees earned 612 Depreciation expense-Equipment 31,000 29,000 5,200 4,500 23,500 76,000 150,000 Cr. 4,500 23,500 623 Wages expense 46,000 633 Interest expense 3,080 637 Insurance expense 640 Rent expense 12,000 652 Supplies expense 683 Property taxes expense 4,700 684 Repairs expense 2,400 690 Utilities expense 3,900 Totals $288,200 $ 288,200 Net Income Totals *Using item h above, the notes payable account is reclassified into current and long-term portions for the unadjusted trial balance columns of the work sheet. Required 1 Required 2A >
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The following unadjusted trial balance is for Ace Construction Co. as of the end of its 2011 fiscal year. Required 1. Prepare a 10-column work sheet for fiscal year 2011, starting with the unadjusted...
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The following unadjusted trial balance is for Ace Construction Co. as of the end of its 2013 fiscal year. The June 30, 2012, credit balance of the owners capital account was $53,660, and the owner...
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The following unadjusted trial balance is for Ace Construction Co. as of the end of its 2017 fiscal year. The June 30, 2016, credit balance of the owner's capital account was $53,660, and the owner...
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In an attempt to identify ecologically friendly methods for controlling mosquito populations, researchers conducted eld experiments in India where aquatic nymphs of the dragony Brachytron pretense...
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What is UPMIFA, and why is it important to colleges and universities? Does UPMIFA apply only to colleges and universities?
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The 1-hr UH in the accompanying table was recorded for a particular watershed. Determine the size of the watershed in acres and then convert the 1-hr UH into a 3- hr UH for the watershed. Time (hr) 0...
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Match each of the following terms 1 through 4 with the most appropriate description, a through d. In addition, match each of the terms 1 through 4 with an example, e through h. Term 1. Detector 2....
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Suppose Molly Jock wishes to purchase a high definition television to watch the Olympic wrestling competition in London. Her current income is $20,000, and she knows where she can buy the television...
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Schultz, Inc. reports the following information: Units produced 530 units Units sold 530 units Sales price $ 170 per unit Direct materials $ 33 per unit Direct labor $ 20 per unit Variable...
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Eta Corporation approaches Lily White, the CEO and sole shareholder of MuCo, regarding the acquisition of MuCo's cat toy division assets (worth $1.3 million). As selling the assets would create a...
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Exercise 1. and (1) Let X = {n EN n is a multiple of 6} X = {n EN n is a multiple of 2 and n is a multiple of 3}. Are the two sets equal? Justify your answer in full detail. (2) Consider subsets X, i...
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Choose a level of government and an issue to research and discuss including the political debate, relationship across levels of government, enforcement, legal interpretations, and the use of...
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Bayesian Classifiers: Shyam is a CS 4375 student. Recently, his mood has been highly influenced by three factors: the weather (W), his study habits (S), and whether his neighbor is at home or not...
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Question 1 A full journal bearing is required for a shaft rotating at 1450 rpm. The lubricant can be supplied at an inlet temperature of 60oC using an available cooling system. 1.1 Determine the...
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Enviro Company issues 10.50%, 10-year bonds with a par value of $430,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 7.50%, which implies a selling...
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Q1. A 6-pole D.C. generator is wound with 960 conductors on armature, and the flux per pole is 22mWb at 1200 rpm. If each conductor carries 25 A. evaluate the total current, the generated emf, and...
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What are Crenshaw's "they say" and "I say" statements? In addition, think of Naomi Klein's essay. In what ways, if any, does Klein employ the tactics that Crenshaw accuses the Left of using in...
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An access route is being constructed across a field (Figure Q8). Apart from a relatively firm strip of ground alongside the field's longer side AB, the ground is generally marshy. The route can...
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Best Brands general ledger and supplementary records at the end of its current period reveal the following. Required 1. Each member of the team is to assume responsibility for computing one of the...
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The following adjusted trial balance contains the accounts and balances of Ferrara Company as of December 31, 2011, the end of its fiscal year. (1) Prepare the December 31, 2011, closing entries for...
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Use Apples September 30, 2008, financial statements, in Appendix A near the end of the book, to answer the following: a. Identify the dollar amounts of Apples 2008 (1) Assets, (2) Liabilities, (3)...
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Describe what a badly run stock exchange would be like and explain how society would be poorer as a result.
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Many countries are encouraging small investors to buy quoted shares. Why might they be doing this? Write an essay to include a discussion of the societal benefits of a stock exchange.
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Frame-up plc is considering a flotation on the Main Market of the London Stock Exchange. The managing director has asked you to produce a 1,000-word report explaining the advantages of such a move.
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