Can I please get help with this part of the question.\ ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Number Account Title Debit Credit 101 Cash $ 16,500 126 Supplies 10,000 128 Prepaid insurance 7,000 167 Equipment 144,770 168 Accumulated depreciation—Equipment $ 24,500 201 Accounts payable 5,400 203 Interest payable 0 208 Rent payable 0 210 Wages payable 0 213 Property taxes payable 0 251 Long-term notes payable 23,000 301 V. Ace, Capital 77,500 302 V. Ace, Withdrawals 30,000 403 Construction revenue 150,000 612 Depreciation expense—Equipment 0 623 Wages expense 47,000 633 Interest expense 2,530 637 Insurance expense 0 640 Rent expense 12,000 652 Supplies expense 0 683 Property taxes expense 4,100 684 Repairs expense 2,700 690 Utilities expense 3,800 Totals $ 280,400 $ 280,400 Adjustments: Supplies available at the end of the current fiscal year total $3,600. Cost of expired insurance for the current fiscal year is $4,410. Annual depreciation on equipment is $8,300. 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. Employees have earned $1,700 of accrued and unpaid wages at fiscal year-end. Rent expense incurred and not yet paid or recorded at fiscal year-end is $300. Additional property taxes of $700 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end. $230 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.

Can I please get help with this part of the question.\ ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Number Account Title Debit Credit 101 Cash $ 16,500 126 Supplies 10,000 128 Prepaid insurance 7,000 167 Equipment 144,770 168 Accumulated depreciation—Equipment $ 24,500 201 Accounts payable 5,400 203 Interest payable 0 208 Rent payable 0 210 Wages payable 0 213 Property taxes payable 0 251 Long-term notes payable 23,000 301 V. Ace, Capital 77,500 302 V. Ace, Withdrawals 30,000 403 Construction revenue 150,000 612 Depreciation expense—Equipment 0 623 Wages expense 47,000 633 Interest expense 2,530 637 Insurance expense 0 640 Rent expense 12,000 652 Supplies expense 0 683 Property taxes expense 4,100 684 Repairs expense 2,700 690 Utilities expense 3,800 Totals $ 280,400 $ 280,400 Adjustments: Supplies available at the end of the current fiscal year total $3,600. Cost of expired insurance for the current fiscal year is $4,410. Annual depreciation on equipment is $8,300. 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. Employees have earned $1,700 of accrued and unpaid wages at fiscal year-end. Rent expense incurred and not yet paid or recorded at fiscal year-end is $300. Additional property taxes of $700 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end. $230 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.

Name: Can I please get help with this part of the question.\ACE CONSTRUCTION
Uploaded: 2024-03-04T10:43:15.000Z
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Description: Can I please get help with this part of the question.\ACE CONSTRUCTION COMPANYUnadjusted Trial BalanceJune 30NumberAccount TitleDebitCredit101Cash$ 16,500 126Supplies10,000 128Prepaid insurance7,000 167Equipment144,770 168Accumulated depreciation—Equ

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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ACE CONSTRUCTION COMPANY
Unadjusted Trial Balance
June 30
Number	Account Title	Debit	Credit
101	Cash	$ 16,500
126	Supplies	10,000
128	Prepaid insurance	7,000
167	Equipment	144,770
168	Accumulated depreciation—Equipment		$ 24,500
201	Accounts payable		5,400
203	Interest payable		0
208	Rent payable		0
210	Wages payable		0
213	Property taxes payable		0
251	Long-term notes payable		23,000
301	V. Ace, Capital		77,500
302	V. Ace, Withdrawals	30,000
403	Construction revenue		150,000
612	Depreciation expense—Equipment	0
623	Wages expense	47,000
633	Interest expense	2,530
637	Insurance expense	0
640	Rent expense	12,000
652	Supplies expense	0
683	Property taxes expense	4,100
684	Repairs expense	2,700
690	Utilities expense	3,800
	Totals	$ 280,400	$ 280,400

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.

Complete this question by entering your answers in the tabs below.
Required 1 Required 2A Required 2B Required 3A Required 3B
Prepare the statement of owner's equity for the year ended June 30.
ACE CONSTRUCTION COMPANY
Statement of Owner's Equity
For Year Ended June 30
V. Ace, Capital, June 30 prior year
Add: Investments by owner
Add: Net income
Less: Withdrawals by owner
E…......…..
V. Ace, Capital, June 30 current year
$
< Required 3A
0
0
0
Required 3C
Required 3C >

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