Home / Questions / The following unadjusted trial balance is for Ace Construction Co. as of the end of its 2019 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 $53,660, and the owner invested $35,000 cash in the company during the 2019 fiscal year. Credit $ 26, 250 6,800 ACE CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2019 No. Account Title Debit 101 Cash $ 18,500 126 Supplies 9,900 128 Prepaid insurance 7,200 167 Equipment 132,000 168 Accumulated depreciation-Equipment 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 251 Long-term notes payable 301 V. Ace, Capital 302 V. Ace, Withdrawals 33,000 401 Construction fees earned 612 Depreciation expense-Equipment 0 623 Wages expense 46,866 633 Interest expense 2,750 637 Insurance expense 640 Rent expense 12,000 652 Supplies expense 25,000 88,660 132,100 683 Property taxes expense 684 Repairs expense 690 Utilities expense Totals 7,800 2,910 5,890 $278,810 $278,810 Adjustments: a. The supplies available at the end of fiscal year 2019 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 is not included in 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 have earned $1,800 of accrued and unpaid wages at fiscal year-end. f. 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 paid or recorded in the accounts. h. The $250 accrued interest for June on the long-term notes payable has not yet been paid or recorded. Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 2B Required 3A Required 3B Required 30 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 $53,660, and the owner invested $35,000 cash in the company during the 2019 fiscal year. ACE CONSTRUCTION CO. Work Sheet For Year Ended June 30, 2019 Unadjusted Trial Balance Dr. Cr. Adjustments Dr. Cr. Adjusted Trial Balance Dr. Cr. Income Statement Dr. Cr. No. Account Title 1 Prepare the adjusting entries (all dated June 30, 2019). Prepare the closing entries (all dated June 30, 2019). Prepare the income statement for the year ended June 30, 2019. ACE CONSTRUCTION CO. Income Statement For Year Ended June 30, 2019 Revenues: Expenses Total expenses Prepare the statement of owner's equity for the year ended June 30, 2019. The June 30, 2018, credit balance of the owner's capital account was $53,660, and the owner invested $35,000 cash in the company during the 2019 fiscal year. ACE CONSTRUCTION CO. Statement of Owner's Equity For Year Ended June 30, 2019 V. Ace, Capital, June 30, 2018 V. Ace, Capital, June 30, 2019 Prepare the classified balance sheet at June 30, 2019. ACE CONSTRUCTION CO. Balance Sheet June 30, 2019
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