The following unadjusted trial balance is for Ace Construction Co.as of the end

Question

The following unadjusted trial balance is for Ace Construction Co.as of the end of its 2017 fscal yeor The June 30, 2016, credit of the owner's capital account was $53,660, and the owner invested $35,000 cash in the company during the 2017 fiscal year Onadjuated Trial Salance une 30, 2017 s 26,250 201 Accounts payabie 204 Rent payable 213 Property taxes payable 88,660 132.100 683 Property taxes expense 684 Repairs expense Adjustments a. The supplies available at the end of fiscal year 2017 had a cost of $3,300 b. The cost of expired insurance for the fiscal year is $3,800 c. Annual depreciation on equipment is $8.400 d. The June utilities expense of $650 i s not included i n the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $650 amount owed needs to be recorded e. The company's employees L The rent expense incurred and not yet paid or recorded at fiscal year-end is $500 g. Additional property taxes of $1.000 have been assessed for this fiscal year but have not been h. The long term note payable bears interest at 12% per year. The unadjusted Interest Expense accout have earned $1,800 of accrued wages at fiscal year-end paid or recorded in the accounts first 11 months of the 2017 fiscal year. The $250 accrued interest f for June has not yet been paid or recorded (The company is required to make a $5,000 payment toward the note payable during the 2019 fiscal year) Required 1 Prepare a 10-column work sheet for fiscal year 2017, starting with the unedjusted t the additional facts. The June 30, 2016, credit balance cash in the company during the 2017 fiscal year 2a. Prepare the adjusting entries (ail dated June 30, 201) 2b. Prepare the closing entries (all dated June 30, 2017) 3a Prepare the income statement for the year ended June 30, 2017 b. Prepare the statement of owner's equity for the year ended June 30, 2017 3c. Prepare the classified balance sheet at June 30. 2017 trial balance and including adjustments based on e of the owner's capital account was $53,660, and the owner invested $35,000 of 1 Ne VIZIO

Explanation / Answer

1.

2.a.

2.b.

Ace Construction Company Worksheet for the month of June 30, 2017 Code Account Unadjsued Adjustments Adjusted Income statement Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 101 Cash 18500 18500 18500 126 Supplies 9900 6600 3300 3300 128 Prepaid Insurance 7200 3800 3400 3400 167 Equipment 132000 132000 132000 168 Accumulated Depreciation Equipment 26250 8400 34650 34650 201 Accounts Payable 6800 650 7450 7450 203 Interest Payable 0 250 250 250 204 Rent Payable 0 500 500 500 210 Wages Payable 0 1800 1800 1800 213 Property Taxes Payable 0 1000 1000 1000 251 Long-term Notes Payable 25000 25000 25000 301 V.Ace, Capital 88660 88660 86550 302 V.Ace, Withdrawals 33000 33000 401 Construction Fee Earned 132100 132100 132100 612 Depreciation expense - equipment 8400 8400 8400 623 Wages Expense 46860 1800 48660 48660 633 Interest Expense 2750 250 3000 3000 637 Insurance Expense 0 3800 3800 3800 640 Rent Expense 12000 500 12500 12500 652 Supplies Expense 6600 6600 6600 683 Property Taxe Expense 7800 1000 8800 8800 684 Repairs Expense 2910 2910 2910 690 Utilities Expense 5890 650 6540 6540 Total 278810 278810 23000 23000 291410 291410 101210 132100 157200 157200 Income Summary 30890 Grand Total 278810 278810 23000 23000 291410 291410 132100 132100 157200 157200

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.