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 $58,500 on June 30 of the prior year, and the owner invested $22,000 cash during the current fiscal year. Account Title ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Number 101 Cash 126 Supplies 128 Prepaid insurance 167 168 201 Equipment Accumulated depreciation-Equipment Accounts payable 203 Interest payable 208 Rent payable Debit $ 15,000 7,500 Credit 6,500 136,420 $ 20,000 5,400 0 0 210 Wages payable 213 Property taxes payable 251 Long-term notes payable 301 V. Ace, Capital 0 8 28,000 80,500 302 V. Ace, Withdrawals 31,000 403 Construction revenue 134,000 612 Depreciation expense-Equipment B 623 Wages expense 47,000 633 Interest expense 3,080 637 Insurance expense 0 640 Rent expense 10,000 652 Supplies expense 0 683 Property taxes expense 4,400 684 Repairs expense 2,100 690 Utilities expense 4,900 $ 267,900 $ 267,900 Totals Adjustments: a. Supplies available at the end of the current fiscal year total $2,700. b. Cost of expired insurance for the current fiscal year is $4,095. c. Annual depreciation on equipment is $8,500. d. June utilities expense of $550 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $550 amount owed must be recorded. e. Employees have earned $1,700 of accrued and unpaid wages at fiscal year-end. f. Rent expense incurred and not yet paid or recorded at fiscal year-end is $300. g. Additional property taxes of $600 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end. h. $280 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 2B Required 3A Required 3B Required 3C 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. ACE CONSTRUCTION COMPANY Work Sheet

Your staff person has provided you with the following journal entry for January 20x1 depreciation. The monthly deprecation is supposed to be $100.00. What is wrong with this entry?

am. 116.

a ce1237

Required information [The following information applies to the questions displayed below.] a. Depreciation on the company's wind turbine equipment for the year is $5,300. b. The Prepaid Insurance account for the solar panels had a $2,300 debit balance at December 31 before adjusting for the costs of any expired coverage. Analysis of prepaid insurance shows that $750 of unexpired insurance coverage remains at year-end. c. The company received $3,900 cash in advance for sustainability consulting work. As of December 31, one-third of the sustainability consulting work had been performed. d. As of December 31, $1,500 in wages expense for the organic produce workers has been incurred but not yet paid. e. As of December 31, the company has earned, but not yet recorded, $430 of interest revenue from investments in socially responsible bonds. The interest revenue is expected to be received on January 12. or each of the above separate cases, prepare the required December 31 year-end adjusting…

The net income reported on the income statement for the current year was $278,260. Depreciation recorded on fixed assets and amortization of patents for the year were $34,649, and $11,472, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: Cash Accounts receivable Inventories End a. $370,545 b. $208,919 c. $347,601 Od. $278,217 $47,146 124,126 102,601 4,506 45,924 Beginning $57,260 104,236 93,932 7,914 66,937 Prepaid expenses Accounts payable (merchandise creditors) What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?

During the current year ending on December 31, BSP Company completed the following transactions: a. On January 1, purchased a patent for $28,000 cash (estimated useful life, seven years). b. On January 1, purchased another business for $164,000 cash, including $10,000 for goodwill. The assets included accounts receivable with a fair value of $12,000 and property and equipment with a fair value of $142,000 (with a residual value of $15,000 and estimated useful life of 10 years). The company assumed no liabilities. Goodwill has an indefinite life. c. On December 31, constructed a storage shed on land leased from D. Heald. The cost of the shed was $15,600. The company uses straight-line depreciation. The lease will expire in three years. (Amounts spent to enhance leased property are capitalized as intangible assets called Leasehold Improvements.) d. Total expenditures for ordinary repairs were $5,500 during the current year. e. On December 31 of the current year, sold Machine A for $6,000…