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The following unadjusted trial balance is for Adams Construction Co. as at the end of its 2015 financial year. The June 30, 2014. credit balance of the owner’s capital account was $52,660, and the owner invested $25,000 cash in the company during the 2015 financial year. Credit $ 25,250 5,800 ADAMS CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2015 4 No, Account Title Debit 5 101 Cash $ 17,500 6 126 Supplies 8,900 7 128 Prepaid insurance 6,200 8 167 Equipment 131,000 9 168 Accumulated depreciation –Equipment 10 201 Accounts payable 11 203 Interest payable 12 208 Rent payable 13 210 Wages payable 14 213 Property taxes payable 15 251 Long-term notes payable 16 301 S. Adams, Capital 17 302 S. Adams, Withdrawals 30,000 18 401 Construction fees earned 19 612 Depreciation expense-Equipment 0 20 623 Wages expense 45.860 21 633 Interest expense 2,640 22 637 Insurance expense 0 23 640 Rent expense 13,200 24 652 Supplies expense 25 683 Property taxes expense 4,600 26 684 Repairs expense 2,810 27 690 Utilities expense 4,000 28 Totals $266,710 24,000 77.660 134.000 0 $266.710 Required 1. Prepare a 10-column work sheet for financial year 2015, starting with the unadjusted trial balance and including adjustments based on these additional facts. a. The supplies available at the end of financial year 2015 had a cost of $3.200. b. The cost of expired insurance for the financial year is $3.900. c. Annual depreciation on equipment is $8.500. The Lune utilities expense of $550 is not included in the unadjusted trial balance because the arrived after the trial balance was prepared. The $550 amount owed needs to be recorded. e. The company’s employees have earned $1,000 of accrued wages at financial year-end. +. The rent expense incurred and not yet paid or recorded at financial year-end is $200 Additional property taxes of $900 have been assessed for this financial year but have not been recorded in the accounts. h. The long-term note payable bears interest at 125€ per year. The unadjusted Interest Expense account equals the amount paid for the first 11 months of the 2015 financial year. The $240 accrued interest for June has not yet been paid or recorded. The company is required to make a 55,000 payment toward the note payable during the 2016 financial year.) 2. Enter adjusting and closing information in the work sheet: then journalize the adjusting and closing entries. 3. Prepare the income statement and the statement of changes in equity for the year ended June 30 and the classified statement of financial position at June 30, 2015 Check 3 Total assets $120,250, Current liabilities. $14,290. Net profit $39.300 Analysis Component 4. Analyze the following separate errors and describe how each would affect the 10-column work sheet. Explain whether the error is likely to be discovered in completing the work sheet and, if not, the effect of the error on the financial statements. a. Assume that the adjustment for supplies used consisted of a credit to Supplies and a debit to Supplies Expense for $3,200, when the correct amount was $5.700. b. When the adjusted trial balance in the work sheet is completed, assume that the $17.500 Cash balance is incorrectly entered in the Credit column.