48 10 points eBook Print References The following unadjusted trial balance is for Ace Construction...

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48 10 points eBook Print 折 References The following unadjusted trial balance is for Ace Construction Company at its June 30 current fiscal year-end. The credit balance of the Retained Earnings account was $25,000 on June 30 of the prior year. Number 101 126 128 167 168 201 203 208 210 213 251 307 318 319 403 612 623 633 637 640 652 683 684 690 Account Title Cash Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Interest payable Rent payable Wages payable ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Property taxes payable. Long-term notes payable. Common stock Retained earnings Dividends Construction revenue Depreciation expense-Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Repairs expense Utilities expense Totals Adjustments: Debit $ 17,500 9,500 6,000 158,260 28,500 0 41,000 2,640 0 11,000 0 4,300 2,800 4,900 $ 286,400 Credit $ 29,000 5,800 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. 0 0 0 0 24,000 56,600 25,000 146,000 $286,400 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 $3,780. c. Annual depreciation on equipment is $8,800. 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 $1,600 of accrued and unpaid wages at fiscal year-end. f. Rent expense incurred and not yet paid or recorded at fiscal year-end is $400. 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. $240 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. 3b. Prepare the statement of retained earnings for the year ended June 30. 3c. Prepare the classified balance sheet at June 30. 48 10 points eBook Print 0 References 3c. Prepare the classified balance sheet at June 30. Complete this question by entering your answers in the tabs below. Required 1 Required 2A 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. ACE CONSTRUCTION COMPANY Work Sheet For Year Ended June 30 Adjustments Number 101 126 213 251 Account Title Cash Supplies Prepaid insurance Equipment Required 2B Required 3A Required 38 128 167 168 Accumulated depreciation Equipment. 201 203 208 210 Accounts payable Interest payable Rent payable Wages payable Property taxes payable Long-term notes payablo Common stock 307 318 319 403 612 623 Wages expense 633 Interest expense 637 Insurance expense 640 652 683 684 690 Retained earnings Dividends Construction revenue Depreciation expense Equipment Rent expense Supplies expense Property taxes expense Repairs expense Utilities expense Totals Net Income Totals Unadjusted Trial Balance Credit Debit $ 17,500 9,500 6,000 158.200 28,500 41,000 2,640 11.000 Required 3C 4.300 2,800 4,900 29.000 5,800 24,000 56,600 25,000 146,000 $286,400 $ 286,400 $ S Debit 0 Credit $ $ 0 $ Adjusted Trial Balance Debit Credit 17,500 <Required 1 17.500 $ 0 $ Required 2A > Income Statement Debit 0 0 $ Credit 0 Balance Sheet and Statement of Owner's Equity Debit Credit $ 0 $ 17,500 17,500 17,500 $ 0 48 10 points eBook Print 折 References The following unadjusted trial balance is for Ace Construction Company at its June 30 current fiscal year-end. The credit balance of the Retained Earnings account was $25,000 on June 30 of the prior year. Number 101 126 128 167 168 201 203 208 210 213 251 307 318 319 403 612 623 633 637 640 652 683 684 690 Account Title Cash Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Interest payable Rent payable Wages payable ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Property taxes payable. Long-term notes payable. Common stock Retained earnings Dividends Construction revenue Depreciation expense-Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Repairs expense Utilities expense Totals Adjustments: Debit $ 17,500 9,500 6,000 158,260 28,500 0 41,000 2,640 0 11,000 0 4,300 2,800 4,900 $ 286,400 Credit $ 29,000 5,800 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. 0 0 0 0 24,000 56,600 25,000 146,000 $286,400 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 $3,780. c. Annual depreciation on equipment is $8,800. 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 $1,600 of accrued and unpaid wages at fiscal year-end. f. Rent expense incurred and not yet paid or recorded at fiscal year-end is $400. 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. $240 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. 3b. Prepare the statement of retained earnings for the year ended June 30. 3c. Prepare the classified balance sheet at June 30. 48 10 points eBook Print 0 References 3c. Prepare the classified balance sheet at June 30. Complete this question by entering your answers in the tabs below. Required 1 Required 2A 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. ACE CONSTRUCTION COMPANY Work Sheet For Year Ended June 30 Adjustments Number 101 126 213 251 Account Title Cash Supplies Prepaid insurance Equipment Required 2B Required 3A Required 38 128 167 168 Accumulated depreciation Equipment. 201 203 208 210 Accounts payable Interest payable Rent payable Wages payable Property taxes payable Long-term notes payablo Common stock 307 318 319 403 612 623 Wages expense 633 Interest expense 637 Insurance expense 640 652 683 684 690 Retained earnings Dividends Construction revenue Depreciation expense Equipment Rent expense Supplies expense Property taxes expense Repairs expense Utilities expense Totals Net Income Totals Unadjusted Trial Balance Credit Debit $ 17,500 9,500 6,000 158.200 28,500 41,000 2,640 11.000 Required 3C 4.300 2,800 4,900 29.000 5,800 24,000 56,600 25,000 146,000 $286,400 $ 286,400 $ S Debit 0 Credit $ $ 0 $ Adjusted Trial Balance Debit Credit 17,500 <Required 1 17.500 $ 0 $ Required 2A > Income Statement Debit 0 0 $ Credit 0 Balance Sheet and Statement of Owner's Equity Debit Credit $ 0 $ 17,500 17,500 17,500 $ 0

Answer rating: 100% (QA)

Requirement 1 ACE CONSTRUCTION COMPANY Work Sheet For Year Ended June 30 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Accont title Debit Credit Debit Cred... View the full answer