Complete Question Text:

Problem 4-2B Preparing a work sheet, adjusting and closing entries, and financial statements C3 P1 P2 The following unadjusted trial balance is for Power Demolition Company as of the end of its April 30, 2015, fiscal year. The April 30, 2014, credit balance of the owner's capital account was $46,900, and the owner invested $40,000 cash in the company during the 2015 fiscal year.

Page 183 Required Prepare and complete a 10-column work sheet for fiscal year 2015, starting with the unadjusted trial balance and including adjustments based on these additional facts. The supplies available at the end of fiscal year 2015 had a cost of $7,900. The cost of expired insurance for the fiscal year is $10,600. Annual depreciation on equipment is $7,000. The April utilities expense of $800 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $800 amount owed needs to be recorded. The company's employees have earned $2,000 of accrued wages at fiscal year-end. The rent expense incurred and not yet paid or recorded at fiscal year-end is $3,000. Additional property taxes of $550 have been assessed for this fiscal year but have not been paid or recorded in the accounts. 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 2015 fiscal year. The $300 accrued interest for April has not yet been paid or recorded. (Note that the company is required to make a $10,000 payment toward the note payable during the 2016 fiscal year.) Using information from the completed 10-column work sheet in part 1, journalize the adjusting entries and the closing entries. Prepare the income statement and the statement of owner's equity for the year ended April 30 and the classified balance sheet at April 30, 2015.

Complete Question Text: Problem 4-2B Preparing a work sheet, adjusting and closing entries, and financial statements C3 P1 P2 The following unadjusted trial balance is for Power Demolition Company as of the end of its April 30, 2015, fiscal year. The April 30, 2014, credit balance of the owner's capital account was $46,900, and the owner invested $40,000 cash in the company during the 2015 fiscal year. Page 183 Required Prepare and complete a 10-column work sheet for fiscal year 2015, starting with the unadjusted trial balance and including adjustments based on these additional facts. The supplies available at the end of fiscal year 2015 had a cost of $7,900. The cost of expired insurance for the fiscal year is $10,600. Annual depreciation on equipment is $7,000. The April utilities expense of $800 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $800 amount owed needs to be recorded. The company's employees have earned $2,000 of accrued wages at fiscal year-end. The rent expense incurred and not yet paid or recorded at fiscal year-end is $3,000. Additional property taxes of $550 have been assessed for this fiscal year but have not been paid or recorded in the accounts. 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 2015 fiscal year. The $300 accrued interest for April has not yet been paid or recorded. (Note that the company is required to make a $10,000 payment toward the note payable during the 2016 fiscal year.) Using information from the completed 10-column work sheet in part 1, journalize the adjusting entries and the closing entries. Prepare the income statement and the statement of owner's equity for the year ended April 30 and the classified balance sheet at April 30, 2015