Question

CHAPTER 4 d LOUX of March 31 Uneduste 22.000 1 Suppies 149 Lane not currently used in 100 000 $ 40,500 6.000 8.100 50.000 68,000 11 167 12 108 Mounted detection, Equipment 18141 Dopyt 14201 Acounts payable 15 23 trust pausble 1020 Woes payable IT 251 Long term noces i n 301 Chris Challenger call 302 Chris Challenger withdwwal 20 401 Construction 21612 Deprecation expense, equipment 22 023 Wocus pense 23 633 interest espese 24 637 insurance expense 96 600 Rent expense 26 652 Suppesexpense 27 683 Businesses expense 28 684 Repairs expense 24 640 U spense 30 Totals 255,620 46,000 1.200 26.400 10,000 5.020 7.800 $425.220 $425.220 20 Baywired t. Prepare a 10-column work sheet for fiscal 2020, starting with the unadjusted trial balance and including these additional facts The inventory of supplies at the end of the year had a cost of $3,200. h. The cost of expired insurance for the year is $8.400 Annual depreciation of the equipment is $17.600. heet

Answer 1

1 and 2	Challenger construction
	10 column worksheet
	Sept 30, 2021
		Un adjusted Trial balance		Adjustments		Adjusted Trial balance		Income Statement		Balance Sheet
	Account name	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
	cash	$22000				$22000				$22000
	Supplies	$17200			$14000	$3200				$3200
	Prepaid insurance	$9600			$8400	$1200				$1200
	Land not currently used in operations	$50000				$50000				$50000
	Equipment	$106000				$106000				$106000
	Equipment-accu depreciation		$40500		$17600		$58100				$58100
	copyright	$6000				$6000				$6000
	Accounts payable		$8100		$750		$8850				$8850
	Interest payable				$120		$120				$120
	wages payable				$4200		$4200				$4200
	Long term notes payable		$50000				$50000				$50000
	Chris challenger-capital		$71000				$71000				$71000
	Chris challenger-with drawls	$68000				$68000				$68000
	Construction revenue		$255620				$255620		$255620
	Equipment- Depreciation			$17600		$17600		$17600
	Wages expense	$96000		$4200		$100200		$100200
	Interest expense	$1200		$120		$1320		$1320
	Insurance expense			$8400		$8400		$8400
	Rent expense	$26400				$26400		$26400
	Supplies expense			$14000		$14000		$14000
	Business tax expense	$10000				$10000		$10000
	Repairs expense	$5020				$5020		$5020
	Utilities expense	$7800		$750		$8550		$8550
	Total	$425220	$425220	$45070	$45070	$447890	$447890	$191490	$255620	$256400	$192270
	Net income							$64130			$64130

3	Challenger construction
	Income Statement
	For the year ending 30 September, 2021
	Construction Revenue		$255620
	Less: Expenses
	Equipment- depreciation	$17600
	wage expense	$100200
	Interest expense	$1320
	Insurance expense	$8400
	Rent expense	$26400
	Supplies expense	$14000
	Business tax expense	$10000
	Repairs expense	$5020
	Utilities expense	$8550
	Total Expense		$191490
	Net income		$64130

4	Statement of changes in equity
	Beginning Balance Capital		$46000
	Add: Additional capital	$25000
	Net income	$64130
	Less: With drawls	$68000
	Ending Balance capital		$67130

5	Challenger construction
	Balance Sheet
	As on 30 September, 2021
	particulars	Amount	Amount
	Assets
	cash	$22000
	Supplies	$3200
	Prepaid insurance	$1200
	Total current assets		$26400
	Property plant and equipment
	Land not currently used in operations	$50000
	Equipment	$106000
	Equipment-accu depreciation	($58100)
	Total property, plant and equipment		$97900
	Copyright		$6000
	Total Assets		$130300
	Liabilities and owners equity
	Account Payable	$8850
	Interest Payable	$120
	Wages payable	$4200
	Current portion of long term liabilities	$16000
	Total current Liabilities		$29170
	Long term note Payable		$34000
	Total Liabilities		$63170
	Owners equity
	Chris challenger- capital		$67130
	Total Liabilities and owners equity		$130300