In: Accounting
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:
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.