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 Retained Earnings account was $24,000 on June 30 of the prior year. ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Number Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 168 Equipment Accumulated depreciation-Equipment Debit Credit $ 16,000 7,500 6,500 138,490 $ 23,000 201 Accounts payable 6,000 203 Interest payable 0 208 Rent payable 0 210 Wages payable 0 213 251 Property taxes payable Long-term notes payable 0 21,000 307 Common stock 53,700 318 Retained earnings 24,000 319 Dividends 32,500 403 Construction revenue 148,000 612 Depreciation expense-Equipment 0 623 Wages expense 633 Interest expense 48,000 2,310 637 Insurance expense 0 640 Rent expense 12,000 652 Supplies expense 0 683 Property taxes expense 4,800 684 Repairs expense 2,900 690 Utilities expense 4,700 Totals $ 275,700 $275,700 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 $4,095. c. Annual depreciation on equipment is $8,300. d. June utilities expense of $540 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $540 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 $200. g. Additional property taxes of $600 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end. h. $210 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 retained earnings for the year ended June 30. 3c. Prepare the classified balance sheet at June 30. Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 2B Required 3A Required 3B Required 3C 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 Unadjusted Trial Adjustments Adjusted Trial Balance Income Statement Balance Credit Debit Credit Debit Credit Debit Credit Number Account Title Debit 101 Cash $ 16.000 Balance Sheet and Statement of Owner's Equity Debit Credit 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 $24,000 on June 30 of the prior year. ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Number Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 168 Equipment Accumulated depreciation-Equipment Debit Credit $ 16,000 7,500 6,500 138,490 $ 23,000 201 Accounts payable 6,000 203 Interest payable 0 208 Rent payable 0 210 Wages payable 0 213 251 Property taxes payable Long-term notes payable 0 21,000 307 Common stock 53,700 318 Retained earnings 24,000 319 Dividends 32,500 403 Construction revenue 148,000 612 Depreciation expense-Equipment 0 623 Wages expense 633 Interest expense 48,000 2,310 637 Insurance expense 0 640 Rent expense 12,000 652 Supplies expense 0 683 Property taxes expense 4,800 684 Repairs expense 2,900 690 Utilities expense 4,700 Totals $ 275,700 $275,700 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 $4,095. c. Annual depreciation on equipment is $8,300. d. June utilities expense of $540 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $540 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 $200. g. Additional property taxes of $600 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end. h. $210 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 retained earnings for the year ended June 30. 3c. Prepare the classified balance sheet at June 30. Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 2B Required 3A Required 3B Required 3C 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 Unadjusted Trial Adjustments Adjusted Trial Balance Income Statement Balance Credit Debit Credit Debit Credit Debit Credit Number Account Title Debit 101 Cash $ 16.000 Balance Sheet and Statement of Owner's Equity Debit Credit
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