Hello, I need help with 3a, 3b and 3c. Attached is the adjusted information, which includes the balance sheet and income statement.The following unadjusted trial balance is for Ace Construction Company at its June 30 current fiscal year-end. The credit balance of the V. Ace, Capital account was $56,500 on June 30 of the prior year, and the owner invested $22,000 cash during the current fiscal year.ACE CONSTRUCTION COMPANYUnadjusted Trial BalanceJune 30NumberAccount TitleDebitCredit101Cash$ 18,000 126Supplies8,000 128Prepaid insurance5,500 167Equipment141,760 168Accumulated depreciation—Equipment $ 23,000201Accounts payable 6,000203Interest payable 0208Rent payable 0210Wages payable 0213Property taxes payable 0251Long-term notes payable 24,000301V. Ace, Capital 78,500302V. Ace, Withdrawals32,500 403Construction revenue 147,000612Depreciation expense—Equipment0 623Wages expense48,000 633Interest expense2,640 637Insurance expense0 640Rent expense11,000 652Supplies expense0 683Property taxes expense4,000 684Repairs expense2,400 690Utilities expense4,700 Totals$ 278,500$ 278,500Adjustments:Supplies available at the end of the current fiscal year total $2,880.Cost of expired insurance for the current fiscal year is $3,465.Annual depreciation on equipment is $8,000.June utilities expense of $530 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $530 amount owed must be recorded.Employees have earned $1,600 of accrued and unpaid wages at fiscal year-end.Rent expense incurred and not yet paid or recorded at fiscal year-end is $100.Additional property taxes of $600 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end.$240 of 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 owner's equity for the year ended June 30.3c. Prepare the classified balance sheet at June 30. A1234 Cash5 Supplies6 Prepaid insurance7 Equipment8 Accumulated depreciationParticulars9 Accounts payable10 Interest payable11 Rent payable12 Wages payable13 Property taxes payable14 Long-term, notes payable15 V.A capital16 V.A withdrawals17 Construction revenue18 Depreciation expense19 Wages expense20 Interest expense21 Insurance expense22 Rent expense23 Supplies expense24 Property taxes payable25 Repairs payable26 Utilities expense27 TOTAL28 Net income29 TOTAL$$$$Unadjusted Trial BalanceDebitCredit$$$$$$$B$$$$18,0008,0005,500141,76032,50048,0002,64011,000$$$$$$с$$23,0006,000-24,00078,500$ 147,000$$$$$$$4,0002,4004,700$278,500 $ 278,500 $DAdjustmentsDebit8,0001,6002403,4651005,120600E10-Column worksheet$$$$$$$$53019,655 $Credit$5,120 $3,465 $$8,0005302401001,600600$$$$$F$$$$$19,655 $Adjusted Trial BalanceDebitCredit18,0002,8802,035141,76032,5008,00049,6002,8803,46511,1005,1204,600$$$$S$$$G$31,0006,5302401001,60060024,00078,500147,000$$$$$$$H2,400$$5,230289,570 $ 289,570 $IIncome statementDebitCredit$ 147,000JBalance sheetDebit18,0002,880$$$ 2,035$ 141,760K$ 32,500Credit$ 31,000$6,530240100$$$1,600$ 600$24,000$ 78,5008,00049,6002,8803,46511,1005,1204,6002,4005,23092,395 $ 147,000 $ 197,175 $ 142,570$ 54,605$ 54,605$ 147,000 $ 147,000 $ 197,175 $ 197,175

Name: Hello, I need help with 3a, 3b and 3c. Attached is the adjusted inform
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Description: Hello, I need help with 3a, 3b and 3c. Attached is the adjusted information, which includes the balance sheet and income statement.The following unadjusted trial balance is for Ace Construction Company at its June 30 current fiscal year-end. The cred

Income statement is a financial statements which is used to represent the actual profit or loss of a…

Answered: 3a. Prepare the income statement for…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Hello, I need help with 3a, 3b and 3c. Attached is the adjusted information, which includes the balance sheet and income statement.

The following unadjusted trial balance is for Ace Construction Company at its June 30 current fiscal year-end. The credit balance of the V. Ace, Capital account was $56,500 on June 30 of the prior year, and the owner invested $22,000 cash during the current fiscal year.

Number	Account Title	Debit	Credit
ACE CONSTRUCTION COMPANY
Unadjusted Trial Balance
June 30
101	Cash	$ 18,000
126	Supplies	8,000
128	Prepaid insurance	5,500
167	Equipment	141,760
168	Accumulated depreciation—Equipment		$ 23,000
201	Accounts payable		6,000
203	Interest payable		0
208	Rent payable		0
210	Wages payable		0
213	Property taxes payable		0
251	Long-term notes payable		24,000
301	V. Ace, Capital		78,500
302	V. Ace, Withdrawals	32,500
403	Construction revenue		147,000
612	Depreciation expense—Equipment	0
623	Wages expense	48,000
633	Interest expense	2,640
637	Insurance expense	0
640	Rent expense	11,000
652	Supplies expense	0
683	Property taxes expense	4,000
684	Repairs expense	2,400
690	Utilities expense	4,700
	Totals	$ 278,500	$ 278,500

Adjustments:

Supplies available at the end of the current fiscal year total $2,880.
Cost of expired insurance for the current fiscal year is $3,465.
Annual depreciation on equipment is $8,000.
June utilities expense of $530 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $530 amount owed must be recorded.
Employees have earned $1,600 of accrued and unpaid wages at fiscal year-end.
Rent expense incurred and not yet paid or recorded at fiscal year-end is $100.
Additional property taxes of $600 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end.
$240 of 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 owner's equity for the year ended June 30.

3c. Prepare the classified balance sheet at June 30.

A
1
2
3
4 Cash
5 Supplies
6 Prepaid insurance
7 Equipment
8 Accumulated depreciation
Particulars
9 Accounts payable
10 Interest payable
11 Rent payable
12 Wages payable
13 Property taxes payable
14 Long-term, notes payable
15 V.A capital
16 V.A withdrawals
17 Construction revenue
18 Depreciation expense
19 Wages expense
20 Interest expense
21 Insurance expense
22 Rent expense
23 Supplies expense
24 Property taxes payable
25 Repairs payable
26 Utilities expense
27 TOTAL
28 Net income
29 TOTAL
$
$
$
$
Unadjusted Trial Balance
Debit
Credit
$
$
$
$
$
$
$
B
$
$
$
$
18,000
8,000
5,500
141,760
32,500
48,000
2,640
11,000
$
$
$
$
$
$
с
$
$
23,000
6,000
-
24,000
78,500
$ 147,000
$
$
$
$
$
$
$
4,000
2,400
4,700
$
278,500 $ 278,500 $
D
Adjustments
Debit
8,000
1,600
240
3,465
100
5,120
600
E
10-Column worksheet
$
$
$
$
$
$
$
$
530
19,655 $
Credit
$
5,120 $
3,465 $
$
8,000
530
240
100
1,600
600
$
$
$
$
$
F
$
$
$
$
$
19,655 $
Adjusted Trial Balance
Debit
Credit
18,000
2,880
2,035
141,760
32,500
8,000
49,600
2,880
3,465
11,100
5,120
4,600
$
$
$
$
S
$
$
$
G
$
31,000
6,530
240
100
1,600
600
24,000
78,500
147,000
$
$
$
$
$
$
$
H
2,400
$
$
5,230
289,570 $ 289,570 $
I
Income statement
Debit
Credit
$ 147,000
J
Balance sheet
Debit
18,000
2,880
$
$
$ 2,035
$ 141,760
K
$ 32,500
Credit
$ 31,000
$
6,530
240
100
$
$
$
1,600
$ 600
$
24,000
$ 78,500
8,000
49,600
2,880
3,465
11,100
5,120
4,600
2,400
5,230
92,395 $ 147,000 $ 197,175 $ 142,570
$ 54,605
$ 54,605
$ 147,000 $ 147,000 $ 197,175 $ 197,175

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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.

Required: