The following unadjusted trial balance is for Ace Construction Company at its June 30 current fiscal...
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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.
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