Business, 07.08.2021 01:30 lmcginnis2003

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 $52,500 on June 30 of the prior year, and the owner invested $22,000 cash during the current fiscal year. ACE CONSTRUCTION COMPANY
Unadjusted Trial Balance
June 30
Account Title Debit Credit 101
Cash $ 17,000
Supplies 8,000
Prepaid insurance 7,000
Equipment 121,180
Accumulated depreciation—Equipment $ 22,000
Accounts payable 5,400
Interest payable 0
Rent payable 0
Wages payable 0
Property taxes payable 0
Long-term notes payable 22,000
V. Ace, Capital 74,500
V. Ace, Withdrawals 32,000
Construction revenue 134,000
Depreciation expense—Equipment 0
Wages expense 49,000
Interest expense 2,420
Insurance expense 0
Rent expense 11,000
Supplies expense 0
Property taxes expense 4,200
Repairs expense 2,900
Utilities expense 3,200
Totals $ 257,900 $ 257,900
a. The supplies available at the end of fiscal year 2019 had a cost of $2,520.
b. The cost of expired insurance for the fiscal year is $4,095.
c. Annual depreciation on equipment is $8,600.
d. The June utilities expense of $570 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $570 amount owed needs to be recorded.
e. The company's employees have earned $1,700 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 $400.
g. Additional property taxes of $600 have been assessed for this fiscal year but have not been paid or recorded in the accounts.
h. The $290 accrued interest for June on the long-term notes payable has not yet been paid or recorded. 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 $52,600, and the owner invested $28,000 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,

Answers: 3

Show answers

Other questions on the subject: Business

Business, 21.06.2019 20:30, elissadiaz15

1. gdp is calculated by summing consumption, investment, and exports of all final goods and services produced within the borders of a given country during a specific period the dollar value of all final goods and services produced within the borders of a given country during a specific period government expenditures within the borders of a given country during a specific period the quantity of all final goods and services produced within the borders of a given country during a specific period

Answers: 3

continue

Business, 22.06.2019 13:50, Senica

Selected t-account balances for bloomfield company are shown below as of january 31, which reflect its accounting adjustments. the firm uses a calendar-year accounting period, but prepares monthly accounting adjustments. suppliesjan. 31 bal. 1,800 1,800 jan. 31 bal. supplies expensejan. 31 bal. 1,920 1,148 jan. 31 bal. prepaid insurancejan. 31 bal. 1,148 1,148 jan. 31 bal. insurance expensejan. 31 bal. 164 164 jan. 31 bal. wages payablejan. 31 bal. 1,400 1,400 jan. 31 bal. wages expensejan. 31 bal. 6,400 6,400 jan. 31 bal. truckjan. 31 bal. 17,376 17,376 jan. 31 bal. accumulated depreciation -truckjan. 31 bal. 5,068 5,068 jan. 31 bal. a. if the amount in supplies expense represents the january 31 adjustment for the supplies used in january, and $1,240 worth of supplies were purchased during january, what was the january 1 beginning balance of supplies? $answerb. the amount in the insurance expense account represents the adjustment made at january 31 for january insurance expense. if the original insurance premium was for one year, what was the amount of the premium, and on what date did the insurance policy start? amount of the premium $answerthe policy began on answerjune 1july 1august 1september 1october 1november 1 of the previous year. c. if we assume that no beginning balance existed in either in either wage payable or wage expense on january 1, how much cash was paid as wages during january? $answerd. if the truck has a useful life of four years (or 48 months), what is the monthly amount of depreciation expense, and how many months has bloomfield owned the truck? answermonths

Answers: 1

continue

Business, 22.06.2019 14:30, violetvinny

crow design, inc. is a web site design and consulting firm. the firm uses a job order costing system in which each client is a different job. crow design assigns direct labor, licensing costs, and travel costs directly to each job. it allocates indirect costs to jobs based on a predetermined overhead allocation rate, computed as a percentage of direct labor costs. direct labor hours (professional) 6,250 hours direct labor costs ($1,800,000 support staff salaries ,000 computer ,000 office ,000 office ,000 in november 2012, crow design served several clients. records for two clients appear here: delicious treats mesilla chocolates direct labor 700 hours 100 hours software licensing $ 4,000 $400 travel costs 8,000 1. compute crow design’s direct labor rate and its predetermined indirect cost allocation rate for 2012. 2. compute the total cost of each job. 3. if simone wants to earn profits equal to 50% of service revenue, how much (what fee) should she charge each of these two clients? 4. why does crow design assign costs to jobs?

Answers: 2

continue

Business, 22.06.2019 15:20, amulets5239

Sauer food company has decided to buy a new computer system with an expected life of three years. the cost is $440,000. the company can borrow $440,000 for three years at 14 percent annual interest or for one year at 12 percent annual interest. assume interest is paid in full at the end of each year. a. how much would sauer food company save in interest over the three-year life of the computer system if the one-year loan is utilized and the loan is rolled over (reborrowed) each year at the same 12 percent rate? compare this to the 14 percent three-year loan.

Answers: 3

continue

You know the right answer?

The following unadjusted trial balance is for Ace Construction Company at its June 30 current fiscal...