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Prepare 10 column work sheet for fiscal year 2005 starting…

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prepare 10 column work sheet...
prepare 10 column work sheet for fiscal year 2005 starting with unadjust trial balance including adjustments on additional facts?
Submitted: 9 years ago.Category: Homework
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Answered in 56 minutes by:
11/2/2008
Tutor: Manal Elkhoshkhany, Tutor replied 9 years ago
Manal Elkhoshkhany
Category: Homework
Satisfied Customers: 9,999
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Hello Thomasn and welcome to Just Answer

Please post the full question so that I can help. Also, kindly advise the name of the book you are using: Title, author's name, and edition

Regards,

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Customer reply replied 9 years ago
The following unadjusted trial balance is for Adams Construction Co. as of the end of its 2005 fiscal
year. The June 30, 2004, credit balance of the owner’s capital account was $52,660, and the owner
invested $25,000 cash in the company during the 2005 fiscal year.
101
126
128
167
168
201
203
208
210
213
251
301
302
401
612
623
633
637
640
652
683
684
690
Cash
Supplies
Prepaid insurance
Equipment
Accumulated depreciation—Equipment
Accounts payable
Interest payable
Rent payable
Wages payable
Property taxes payable
Long-term notes payable
S. Adams, Capital
S. Adams, Withdrawals
Construction fees earned
Depreciation expense—Equipment
Wages expense
Interest expense
Insurance expense
Rent expense
Supplies expense
Property taxes expense
Repairs expense
Utilities expense
Totals
$ 17,500
8,900
6,200
131,000
30,000
0
45,860
2,640
0
13,200
0
4,600
2,810
4,000
$ 266,710
$ 25,250
5,800
0
0
0
0
24,000
77,660
134,000
$ 266,710
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No. Account Title Debit Credit
ADAMS CONSTRUCTION CO.
Unadjusted Trial Balance
June 30, 2005
A B C D
Required
1. Prepare the income statement and the statement of owner’s equity for the calendar-year 2005, and
the classified balance sheet at December 31, 2005.
2. Prepare the necessary closing entries at December 31, 2005.
3. Use the information in the financial statements to compute these ratios: (a) return on assets (total
assets at December 31, 2004, was $200,000), (b) debt ratio, (c) profit margin ratio (use total revenues
as the denominator), and (d) current ratio.
Chapter 4 Completing the Accounting Cycle 165
Check (1) Total assets (12/31/2005),
$178,100; Net income, $13,100
Required
1. Prepare a 10-column work sheet for fiscal year 2005, starting with the unadjusted trial balance
and including adjustments based on these additional facts:
a. The supplies available at the end of fiscal year 2005 had a cost of $3,200.
b. The cost of expired insurance for the fiscal year is $3,900.
c. Annual depreciation on equipment is $8,500.
d. The 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 needs to be recorded.
e. The company’s employees have earned $1,600 of accrued wages at fiscal year-end.
f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $200.
g. Additional property taxes of $900 have been assessed for this fiscal year but have not been
paid or recorded in the accounts.
h. The long-term note payable bears interest at 1% per month. The unadjusted Interest Expense
account equals the amount paid for the first 11 months of the 2005 fiscal year. The $240 accrued
interest for June has not yet been paid or recorded. (Note that the company is required
to make a $5,000 payment toward the note payable during the 2006 fiscal year.)
Larson-Wild-Chiappetta:
Fundamental Accounting
Principles, Seventeenth
Edition
4. Completing the
Accounting Cycle
Text © The McGr
Customer reply replied 9 years ago
hi i guess my question would be how do i go from unadjusted trial balance to adjustment and closing enteries and journalize them to prepare and income statement and owner's equity, in a work sheet format?
Tutor: Manal Elkhoshkhany, Tutor replied 9 years ago
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