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Directions: Using a given trial balance, prepare a balance sheet and income statement. ABC Company Adjusted Trial Balance December 31, 2021 Cash 55,000 Accounts Receivable 45,000 Inventory 17,500 Equipment 13,100 Accumulated Depreciation 3,000 Accounts Payable 6,000 Wages Payable 23,000 Long-Term Notes Payable 50,000 Common Stock 33,000 Retained Earnings Revenue 15,600 104,850 Materials 55,000 Labor 33,500 Selling Expenses 7,400 Administrative Expenses 3,200 Income Tax Expense 5,750 Total 235,450 235,450

Directions: Using a given trial balance, prepare a balance sheet and income statement. ABC Company Adjusted Trial Balance December 31, 2021 Cash 55,000 Accounts Receivable 45,000 Inventory 17,500 Equipment 13,100 Accumulated Depreciation 3,000 Accounts Payable 6,000 Wages Payable 23,000 Long-Term Notes Payable 50,000 Common Stock 33,000 Retained Earnings Revenue 15,600 104,850 Materials 55,000 Labor 33,500 Selling Expenses 7,400 Administrative Expenses 3,200 Income Tax Expense 5,750 Total 235,450 235,450

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Directions: Using a given trial balance, prepare a balance sheet and income statement. ABC Company Adjusted Trial Balance December 31, 2021 Cash 55,000 Accounts Receivable 45,000 Inventory 17,500 Equipment 13,100 Accumulated Depreciation 3,000 Accounts Payable 6,000 Wages Payable 23,000 Long-Term Notes Payable 50,000 Common Stock 33,000 Retained Earnings Revenue 15,600 104,850 Materials 55,000 Labor 33,500 Selling Expenses 7,400 Administrative Expenses 3,200 Income Tax Expense 5,750 Total 235,450 235,450
Transcribed Image Text:Directions: Using a given trial balance, prepare a balance sheet and income statement. ABC Company Adjusted Trial Balance December 31, 2021 Cash 55,000 Accounts Receivable 45,000 Inventory 17,500 Equipment 13,100 Accumulated Depreciation 3,000 Accounts Payable 6,000 Wages Payable 23,000 Long-Term Notes Payable 50,000 Common Stock 33,000 Retained Earnings Revenue 15,600 104,850 Materials 55,000 Labor 33,500 Selling Expenses 7,400 Administrative Expenses 3,200 Income Tax Expense 5,750 Total 235,450 235,450
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