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

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Help Save & Exit Submit Saved pter 14 Graded Homework i Check my work Required: 1. Prepare a 10-column work sheet for fiscal

The following unadjusted trial balance is for Ace Construction Co. as of the end of its 2019 fiscal year. The June 30, 2018, credit balance of the owner’s capital account was $56,500, and the owner invested $23,000 cash in the company during the 2019 fiscal year.

ACE CONSTRUCTION CO.
Unadjusted Trial Balance
June 30, 2019No.Account TitleDebit Credit101Cash$17,000 126Supplies 9,500 128Prepaid insurance 6,000 167Equipment 145,530 168Accumulated depreciation—Equipment $ 24,000 201Accounts payable 6,600 203Interest payable 0 208Rent payable 0 210Wages payable 0 213Property taxes payable 0 251Long-term notes payable 27,000 301V. Ace, Capital 79,500 302V. Ace, Withdrawals 29,500 401Construction fees earned 144,000 612Depreciation expense—Equipment 0 623Wages expense 48,000 633Interest expense 2,970 637Insurance expense 0 640Rent expense 12,000 652Supplies expense 0 683Property taxes expense 4,700 684Repairs expense 2,900 690Utilities expense 3,000 Totals$281,100 $281,100

Adjustments:

The supplies available at the end of fiscal year 2019 had a cost of $3,420.The cost of expired insurance for the fiscal year is $3,780.Annual depreciation on equipment is $8,500.The June utilities expense of $560 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $560 amount owed needs to be recorded.The company’s employees have earned $1,300 of accrued and unpaid wages at fiscal year-end.The rent expense incurred and not yet paid or recorded at fiscal year-end is $400.Additional property taxes of $900 have been assessed for this fiscal year but have not been paid or recorded in the accounts.The $270 accrued interest for June on the long-term notes payable has not yet been paid or recorded

Help Save & Exit Submit Saved pter 14 Graded Homework i Check my work Required: 1. Prepare a 10-column work sheet for fiscal year 2019 starting with the unadjusted trial balance and including adjustments based on the additional facts. The June 30, 2018, credit balance of the owner's capital account was $56,500, and the owner invested $23,000 cash in the company during the 2019 fiscal year. 2a. Prepare the adjusting entries. (all dated June 30, 2019). 2b. Prepare the closing entries. (all dated June 30, 2019) 3a. Prepare the income statement for the year ended June 30, 2019. 3b. Prepare the statement of owner's equity for the year ended June 30, 2019. 3c. Prepare the classified balance sheet at June 30, 2019 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 fiscal year 2019, starting with the unadjusted trial balance and including adiustments based $56,500, and the owner invested $23,000 cash in the company during the 2019 fiscal year. ACE CONSTRUCTION CO. Pre 1 of 2 Next >

 · Answer

Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks!        Ace Construction Co.                        Answer 1              Adjusted Trial Balance  Unadjusted  Adjustments  Adjusted  Income Statement  Balance Sheet    Account Titles  Debit  Credit  Debit  Credit  Debit  Credit  Debit  Credit  Asset  Liabilities   Cash       17,000.00          17,000.00          17,000.00     Supplies         9,500.00         6,080.00         3,420.00            3,420.00    Prepaid Insurance         6,000.00         3,780.00         2,220.00            2,220.00     Equipment  145,530.00     145,530.00     145,530.00     Accumulated Depreciation- Equipment        24,000.00        8,500.00        32,500.00       (32,500.00)    Accounts Payable          6,600.00           560.00          7,160.00            7,160.00   Interest Payable                      -             270.00             270.00               270.00   Rent Payable                      -             400.00             400.00               400.00   Wages Payable                      -          1,300.00          1,300.00            1,300.00   Property taxes Payable                      -             900.00             900.00               900.00   Long-term notes payable        27,000.00          27,000.00          27,000.00   Ace, Capital        79,500.00          79,500.00          79,500.00   Ace, Withdrawals       29,500.00          29,500.00         (29,500.00)    Construction fees earned   144,000.00     144,000.00   144,000.00      Depreciation Expense- Equipment          8,500.00          8,500.00          8,500.00      Wages Expense       48,000.00         1,300.00        49,300.00        49,300.00      Interest Expense         2,970.00            270.00          3,240.00          3,240.00      Insurance expense          3,780.00          3,780.00          3,780.00      Rent Expense       12,000.00            400.00        12,400.00        12,400.00      Supplies Expense          6,080.00          6,080.00          6,080.00      Property taxes Expense         4,700.00            900.00          5,600.00          5,600.00      Repairs expense         2,900.00            2,900.00          2,900.00      Utilities Expense         3,000.00            560.00          3,560.00          3,560.00       Sub Total  281,100.00  281,100.00      21,790.00  21,790.00  293,030.00  293,030.00      95,360.00  144,000.00      Net Income            48,640.00         48,640.00    Total  281,100.00  281,100.00      21,790.00  21,790.00  293,030.00  293,030.00  144,000.00  144,000.00  135,670.00  135,670.00        Answer 2a  Adjusting Entries      Account  Debit $  Credit $   Office Supplies Expense         6,080.00    Office Supplies          6,080.00        Insurance Expense         3,780.00    Prepaid Insurance          3,780.00         Depreciation Expense         8,500.00     Accumulated Depreciation- Equipment          8,500.00        Utilities Expense            560.00    Accounts Payable             560.00        Wages Expense         1,300.00    Wages Payable          1,300.00        Rent Expense            400.00    Rent Payable             400.00        Property taxes Expense            900.00    Property taxes Payable             900.00        Interest Expense            270.00    Interest Payable             270.00         Answer 2b  Closing entries    In closing entries all income and expense are closed to Income Summary account. Then Income Summary account and owner drawings account is closed to Owner's capital account.      Closing Entries      Account  Debit $  Credit $    Construction fees earned  144,000.00    Income Summary   144,000.00        Income Summary       95,360.00     Depreciation Expense- Equipment          8,500.00   Wages Expense        49,300.00   Interest Expense          3,240.00   Insurance expense          3,780.00   Rent Expense        12,400.00   Supplies Expense          6,080.00   Property taxes Expense          5,600.00   Repairs expense          2,900.00   Utilities Expense          3,560.00        Income Summary       48,640.00    Owner's Capital        48,640.00        Owner's Capital       29,500.00    Owner's Withdrawals        29,500.00        Answer 3 a      Income Statement  Amount $   Service revenue  144,000.00    Net Revenue  144,000.00    Less:     Depreciation Expense- Equipment         8,500.00   Wages Expense       49,300.00   Interest Expense         3,240.00   Insurance expense         3,780.00   Rent Expense       12,400.00   Supplies Expense         6,080.00   Property taxes Expense         5,600.00   Repairs expense         2,900.00   Utilities Expense         3,560.00    Net Income      48,640.00        Answer 3 b     Statement of Owner's Equity    Opening Owner's Capital       79,500.00   Add: Net Income       48,640.00   Less: Dividends       29,500.00    Closing balance      98,640.00        Answer 3 c        Balance Sheet  Amount $  Amount $    Assets     Current Assets     Cash       17,000.00    Office Supplies         3,420.00    Prepaid Insurance         2,220.00     Total Current Assets       22,640.00   Fixed Assets      Equipment     145,530.00     Accumulated Depreciation- Equipment     (32,500.00)  113,030.00    Total Assets   135,670.00         Total Liabilities & Owner's Equity      Liabilities      Current Liabilities     Accounts Payable         7,160.00    Interest Payable            270.00    Rent Payable            400.00    Wages Payable         1,300.00    Property taxes Payable            900.00     Current Liabilities       10,030.00    Non Current Liabilities      Long-term notes payable       27,000.00     Non Current Liabilities       27,000.00    Total Liabilities       37,030.00    Owner's Equity     Owner's Capital        98,640.00    Total Liabilities & Owner's Equity   135,670.00

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

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

Answers

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Ace Construction Co.
Answer 1
Adjusted Trial Balance	Unadjusted		Adjustments		Adjusted		Income Statement		Balance Sheet
Account Titles	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Asset	Liabilities
Cash	17,000.00				17,000.00				17,000.00
Supplies	9,500.00			6,080.00	3,420.00				3,420.00
Prepaid Insurance	6,000.00			3,780.00	2,220.00				2,220.00
Equipment	145,530.00				145,530.00				145,530.00
Accumulated Depreciation- Equipment		24,000.00		8,500.00		32,500.00			(32,500.00)
Accounts Payable		6,600.00		560.00		7,160.00				7,160.00
Interest Payable		-		270.00		270.00				270.00
Rent Payable		-		400.00		400.00				400.00
Wages Payable		-		1,300.00		1,300.00				1,300.00
Property taxes Payable		-		900.00		900.00				900.00
Long-term notes payable		27,000.00				27,000.00				27,000.00
Ace, Capital		79,500.00				79,500.00				79,500.00
Ace, Withdrawals	29,500.00				29,500.00					(29,500.00)
Construction fees earned		144,000.00				144,000.00		144,000.00
Depreciation Expense- Equipment			8,500.00		8,500.00		8,500.00
Wages Expense	48,000.00		1,300.00		49,300.00		49,300.00
Interest Expense	2,970.00		270.00		3,240.00		3,240.00
Insurance expense			3,780.00		3,780.00		3,780.00
Rent Expense	12,000.00		400.00		12,400.00		12,400.00
Supplies Expense			6,080.00		6,080.00		6,080.00
Property taxes Expense	4,700.00		900.00		5,600.00		5,600.00
Repairs expense	2,900.00				2,900.00		2,900.00
Utilities Expense	3,000.00		560.00		3,560.00		3,560.00
Sub Total	281,100.00	281,100.00	21,790.00	21,790.00	293,030.00	293,030.00	95,360.00	144,000.00
Net Income							48,640.00			48,640.00
Total	281,100.00	281,100.00	21,790.00	21,790.00	293,030.00	293,030.00	144,000.00	144,000.00	135,670.00	135,670.00

Answer 2a	Adjusting Entries
Account	Debit $	Credit $
Office Supplies Expense	6,080.00
Office Supplies		6,080.00

Insurance Expense	3,780.00
Prepaid Insurance		3,780.00

Depreciation Expense	8,500.00
Accumulated Depreciation- Equipment		8,500.00

Utilities Expense	560.00
Accounts Payable		560.00

Wages Expense	1,300.00
Wages Payable		1,300.00

Rent Expense	400.00
Rent Payable		400.00

Property taxes Expense	900.00
Property taxes Payable		900.00

Interest Expense	270.00
Interest Payable		270.00

Answer 2b	Closing entries
In closing entries all income and expense are closed to Income Summary account. Then Income Summary account and owner drawings account is closed to Owner's capital account.
Closing Entries
Account	Debit $	Credit $
Construction fees earned	144,000.00
Income Summary		144,000.00

Income Summary	95,360.00
Depreciation Expense- Equipment		8,500.00
Wages Expense		49,300.00
Interest Expense		3,240.00
Insurance expense		3,780.00
Rent Expense		12,400.00
Supplies Expense		6,080.00
Property taxes Expense		5,600.00
Repairs expense		2,900.00
Utilities Expense		3,560.00

Income Summary	48,640.00
Owner's Capital		48,640.00

Owner's Capital	29,500.00
Owner's Withdrawals		29,500.00

Answer 3 a
Income Statement	Amount $
Service revenue	144,000.00
Net Revenue	144,000.00
Less:
Depreciation Expense- Equipment	8,500.00
Wages Expense	49,300.00
Interest Expense	3,240.00
Insurance expense	3,780.00
Rent Expense	12,400.00
Supplies Expense	6,080.00
Property taxes Expense	5,600.00
Repairs expense	2,900.00
Utilities Expense	3,560.00
Net Income	48,640.00

Answer 3 b
Statement of Owner's Equity
Opening Owner's Capital	79,500.00
Add: Net Income	48,640.00
Less: Dividends	29,500.00
Closing balance	98,640.00

Answer 3 c
Balance Sheet	Amount $	Amount $
Assets
Current Assets
Cash	17,000.00
Office Supplies	3,420.00
Prepaid Insurance	2,220.00
Total Current Assets		22,640.00
Fixed Assets
Equipment	145,530.00
Accumulated Depreciation- Equipment	(32,500.00)	113,030.00
Total Assets		135,670.00

Total Liabilities & Owner's Equity
Liabilities
Current Liabilities
Accounts Payable	7,160.00
Interest Payable	270.00
Rent Payable	400.00
Wages Payable	1,300.00
Property taxes Payable	900.00
Current Liabilities		10,030.00
Non Current Liabilities
Long-term notes payable	27,000.00
Non Current Liabilities		27,000.00
Total Liabilities		37,030.00
Owner's Equity
Owner's Capital		98,640.00
Total Liabilities & Owner's Equity		135,670.00