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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 2019 fiscal year. The June 30, 2018, credit balance of the owner’s capital account was $55,900, and the owner invested $22,000 cash in the company during the 2019 fiscal year.

ACE CONSTRUCTION CO.
Unadjusted Trial Balance
June 30, 2019
No. Account Title Debit Credit
101 Cash $ 19,500
126 Supplies 7,500
128 Prepaid insurance 6,000
167 Equipment 130,180
168 Accumulated depreciation—Equipment $ 29,000
201 Accounts payable 5,600
203 Interest payable 0
208 Rent payable 0
210 Wages payable 0
213 Property taxes payable 0
251 Long-term notes payable 22,000
301 V. Ace, Capital 77,900
302 V. Ace, Withdrawals 34,000
401 Construction fees earned 133,000
612 Depreciation expense—Equipment 0
623 Wages expense 44,000
633 Interest expense 2,420
637 Insurance expense 0
640 Rent expense 13,000
652 Supplies expense 0
683 Property taxes expense 4,400
684 Repairs expense 2,800
690 Utilities expense 3,700
Totals $ 267,500 $ 267,500

Adjustments:

  1. The supplies available at the end of fiscal year 2019 had a cost of $2,700.
  2. The cost of expired insurance for the fiscal year is $3,780.
  3. Annual depreciation on equipment is $8,700.
  4. The June utilities expense of $590 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $590 amount owed needs to be recorded.
  5. The company’s employees have earned $1,100 of accrued and unpaid wages at fiscal year-end.
  6. The rent expense incurred and not yet paid or recorded at fiscal year-end is $400.
  7. Additional property taxes of $700 have been assessed for this fiscal year but have not been paid or recorded in the accounts.
  8. The $220 accrued interest for June on the long-term notes payable has not yet been paid or recorded.

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.

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