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 >

Answer rating: 100% (QA)

E Ace Construction Co statement of owners equity ... View the full answer