I have to create a worksheet using the following information:
1. Prepare a 10 column work sheet for fiscal year 2008, starting with the unadjusted trial balance and inluding adjustments based on these additional facts. (columns include in this order: unadjusted trial balance, adjustments, adjusted trial balance, income statement, balance sheet)
- The supplies available at the end of fiscal yr 2008 had a cost of $3300
- The cost of expired insurance for fiscal yr '08 is $3800
- Annual depreciation on equipment is $8400
- The June utilities expense of $650 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $650 amount owed needs to be recorded.
- The company's employees have earned $1800 of accrued wages at fiscal year-end.
- The rent expense incurred and not yet paid or recorded at fiscal yr-end is $500.
- Additional property taxes of $1000 have been assessed for this fiscal yr but have not been paid or recorded in the accounts.
- The Long term not payable bears interest at 12% per year. The unadjusted interest expense account equals the amt paid for the first 11 months of the fiscal yr 2008. The $250 accrued interest for June has not been paid or recorded. (Note that the company is required to make a $5000 payment toward the note payable during the 2009 fiscal year.)
For the Unadjusted Trial balance the amounts are as follows.
cash -dr. 18,500
supplies- dr. 9,900
prepaid insurance- dr. 7,200
equipment- dr. 132,000
accumulated depreciation -equipment- cr. 26,250
accounts payable- cr. 6,800
interest payable- 0
rent payable- 0
wages payable- 0
property taxes payable- 0
long term notes payable- cr. 25,000
V.Ace Capital- cr. 88,660
V. Ace Withdrawals- dr. 33,000
construction fees earned- cr. 132,100
depreciation expense- equipment- 0
wages expense- dr. 46,860
interest expense- dr. 2750
insurance expense- 0
rent expense- dr. 12,000
supplies expense- 0
Property taxes expense- dr. 7800
repairs expense- dr. 2910
utilities expense- dr. 5890
total dr.=278,810
total cr. = 278,810
net income=
totals=
Help please!
