Business, 11.06.2020 18:57 thicklooney

The following unadjusted trial balance is for Ace Construction Co. as of the end of its 2015 fiscal year. The June 30, 2014, credit balance of the owners capital account was $53,660, and the owner invested 35,000 cash in the company during the 2015 fiscal year. Accounts D C
Cash 18,500
Supplies 9,900
Prepaid Insurance 7,200
Equipment 132,00
Accumulated Depreciation- Equipment 26,250
Accounts Payable 6,800
Interest Payable 0
Rent Payable 0
Wages Payable 0
Property Taxes Payable 0
Long Term Notes Payable 25,000
Capital 88,660
Withdrawal 33,000
Construction Fees Earned 132,100
Depreciation Expense- Equipment 0
Wages Expense 46,860
Interest Expense 2,750
Insurance Expense 0
Rent Expense 12,000
Supplies Expense 0
Property Taxes Expense 7,800
Repairs Expense 2,910
Utilities Expense 5,890
Total 278,810 278,810
1) Prepare and complete a 10 column work sheet for fiscal year 2015, starting with the unadjusted trial balance and including adjustments based on these additional facts:
A) the supplies available at end of year had a cost of $3,300
B) the cost of expired insurance is $3,800
C) annual depreciation on equipment is $8,400
D) June utilities expense of $650 is not included in the unadjusted trial balance because the bill arrived after it was prepared. the $650 amount owed needs to be recorded
E) the company's employees have earned $1,800 of accrued wages at fiscal year- end.
F) the rent expense incurred and not yet recored is $500
G) additional property taxes of $1,000 have been assessed for this fiscal year but have not been paid or recorded.
H) the long term note payable bears interest at 12% per year. The unadjusted interest expense account equals the amount paid for the first 11 months. The $240 accrued interest for June has not been paid or recorded. (the company is required to make a 5,000 payment toward the note payable in 2016).
2) using information journalize the adjusted entries and the closing entries.
3) Prepare the income statement and the statement of owner's equity for the year ended June 30 and the classified balance sheet as June 30 2015. .

Answers: 1

Show answers

Another question on Business

Business, 21.06.2019 20:30

According to the research in strategic human resources management,answers: firms that are able to use human resource practices to develop socially complex human and organizational resources are able to gain competitive advantage over firms that do not engage in these practices.firms that are able to use human resource practices to develop socially simplistic human and organizational resources are able to gain competitive advantage over firms that do not engage in these practices.firms that are able to use human resource practices to develop socially complex human and organizational resources gain little advantage over firms that do not engage in these practices.firms that are able to use human resource practices to develop socially complex human and organizational resources are at a competitive disadvantage when compared to firms that do not engage in these practices.

Answers: 3

Answer

Business, 21.06.2019 21:00

Which of the following statements is correct? a) due to limited liability, unlimited lives, and ease of ownership transfer, the vast majority of u.s. businesses (in terms of number of businesses) are organized as corporationsb) most businesses (by number and total dollar sales) are organized as proprietorships or corporation. however, if the business gets very large, it becomes advantageous to convert to a corporation, primarily because corporations have important tax advantages over proprietorships and partnerships.c) due to legal considerations related to ownership transfers and limited liability, which affect the ability to attract capital, most business (measured by dollar sales) is conducted by corporations in spite of large corporations' less favorable tax treatmentd) large corporations are taxed more favorably than proprietorshipse) corporate stockholders are exposed to unlimited liability

Answers: 2

Answer

Business, 22.06.2019 12:40

Acompany has $80,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts. experience suggests that 6% of outstanding receivables are uncollectible. the current credit balance (before adjustments) in the allowance for doubtful accounts is $1,200. the journal entry to record the adjustment to the allowance account includes a debit to bad debts expense for $4,800. true or false

Answers: 3

Answer

Business, 22.06.2019 16:40

An electronics store is running a promotion where for every video game purchased, the customer receives a coupon upon checkout to purchase a second game at a 50% discount. the coupons expire in one year. the store normally recognized a gross profit margin of 40% of the selling price on video games. how would the store account for a purchase using the discount coupon?

Answers: 3

Answer

You know the right answer?

The following unadjusted trial balance is for Ace Construction Co. as of the end of its 2015 fiscal...

Questions