Question

The following unadjusted trial balance is for ACE CONSTRUCTIONCO. as of the end of its 2015 fiscal year. The June 30, 2014,credit balance of the owner’s capital account was $51,200, and theowner invested $29,000 cash in the company during the 2015 fiscalyear.

ACE CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2015
No.	Account Title	Debit		Credit
101	Cash	$	19,000
126	Supplies		8,000
128	Prepaid insurance		5,500
167	Equipment		145,570
168	Accumulated depreciation—Equipment				$ 23,000
201	Accounts payable				5,000
203	Interest payable				0
208	Rent payable				0
210	Wages payable				0
213	Property taxes payable				0
251	Long-term notes payable				23,000
301	V. Ace, Capital				80,200
302	V. Ace, Withdrawals		31,000
401	Construction fees earned				150,000
612	Depreciation expense—Equipment		0
623	Wages expense		43,000
633	Interest expense		2,530
637	Insurance expense		0
640	Rent expense		15,000
652	Supplies expense		0
683	Property taxes expense		5,000
684	Repairs expense		2,700
690	Utilities expense		3,900
	Totals	$	281,200	$	281,200

Adjustments:

a.	The supplies available at the end of fiscal year 2015 had a costof $2,880.
b.	The cost of expired insurance for the fiscal year is $3,465.
c.	Annual depreciation on equipment is $8,900.
d.	The June utilities expense of $520 is not included in theunadjusted trial balance because the bill arrived after the trialbalance was prepared. The $520 amount owed needs to berecorded.
e.	The company’s employees have earned $1,500 of accrued wages atfiscal year-end.
f.	The rent expense incurred and not yet paid or recorded at fiscalyear-end is $200.
g.	Additional property taxes of $1,000 have been assessed for thisfiscal year but have not been paid or recorded in the accounts.
h.	The long-term note payable bears interest at 12% per year. Theunadjusted Interest Expense account equals the amount paid for thefirst 11 months of the 2015 fiscal year. The $230 accrued interestfor June has not yet been paid or recorded. (The company isrequired to make a $4,000 payment toward the note payable duringthe 2016 fiscal year.)

1.Prepare a 10-column work sheet for fiscalyear 2015, starting with the unadjusted trial balance and includingadjustments based on the additional facts.

2. Prepare the statement of owner's equity for the year endedJune 30

3.Prepare the classified balance sheet at June 30, 2015.