Prepare financial statements for the year ended as of December 31, 20xx. You are only responsible for preparing the Income Statement, Statement of Retained Earnings and a Classified Balance Sheet. Complete Case # 3 in this Excel workbook on template provided on the right. ABC Corporation Adjusted Trial Balance December 31, 20xx Debit Credit 110 Cash 120 Accounts Receivable 1,644,311 3,263,113 125 Allowance for Doubtful Accounts 100,600 130 Inventory 140 Other Current Assets 619,031 479,585 957,748 2,543,131 150 Land 160 Equipment 161 Accumulated Depreciation - Equipment 170 Intangible Assets 210 Accounts Payable 220 Unearned Revenue 230 Wages Payable 310 Common Stock, $1 par (1,000,000 shares authorized, 504,000 Shares Issued) 311 Additional Paid In Capital (Excess of Issue over Par-C/S) 320 Retained Earnings 330 Treasury Stock (4,000 shares purchased for $25/share) 340 Cash Dividends 410 Sales 510 Cost of Goods Sold 520 Wages Expense 530 Rent Exp 540 Depreciation Exp - Equipment 550 Utilities Exp 560 Misc. Exp 570 Interest Expense 586,550 1,371,924 616,370 1,631,760 178,322 500,000 1,613,146 5,595,017 100,000 2,292,675 14,959,658 8,372,158 1,907,823 970,469 311,907 158,172 769,936 19,440 Total 25,781,423 25,781,423

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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Question
Prepare financial statements for the year ended as of December 31, 20xx. You are
only responsible for preparing the Income Statement, Statement of Retained
Earnings and a Classified Balance Sheet.
Complete Case # 3 in this Excel workbook on template provided on the right.
8
9
10
ABC Corporation
Adjusted Trial Balance
December 31, 20xx
11
12
13
14
Debit
Credit
1,644,311
3,263,113
110 Cash
16
120 Accounts Receivable
17
125 Allowance for Doubtful Accounts
100,600
130 Inventory
140 Other Current Assets
150 Land
160 Equipment
161 Accumulated Depreciation - Equipment
170 Intangible Assets
210 Accounts Payable
220 Unearned Revenue
230 Wages Payable
310 Common Stock, $1 par (1,000,000 shares authorized, 504,000 Shares Issued)
311 Additional Paid In Capital (Excess of Issue over Par-C/S)
320 Retained Earnings
330 Treasury Stock (4,000 shares purchased for $25/share)
18
619,031
479,585
957,748
2,543,131
19
20
21
22
586,550
23
1,371,924
24
616,370
1,631,760
178,322
500,000
1,613,146
5,595,017
25
26
27
28
29
30
100,000
2,292,675
31
340 Cash Dividends
410 Sales
510 Cost of Goods Sold
520 Wages Expense
530 Rent Exp
540 Depreciation Exp - Equipment
550 Utilities Exp
560 Misc. Exp
570 Interest Expense
32
14,959,658
33
8,372,158
1,907,823
970,469
311,907
158,172
769,936
19,440
34
35
36
37
38
39
40
41
Total
25,781,423
25,781,423
456
Transcribed Image Text:Prepare financial statements for the year ended as of December 31, 20xx. You are only responsible for preparing the Income Statement, Statement of Retained Earnings and a Classified Balance Sheet. Complete Case # 3 in this Excel workbook on template provided on the right. 8 9 10 ABC Corporation Adjusted Trial Balance December 31, 20xx 11 12 13 14 Debit Credit 1,644,311 3,263,113 110 Cash 16 120 Accounts Receivable 17 125 Allowance for Doubtful Accounts 100,600 130 Inventory 140 Other Current Assets 150 Land 160 Equipment 161 Accumulated Depreciation - Equipment 170 Intangible Assets 210 Accounts Payable 220 Unearned Revenue 230 Wages Payable 310 Common Stock, $1 par (1,000,000 shares authorized, 504,000 Shares Issued) 311 Additional Paid In Capital (Excess of Issue over Par-C/S) 320 Retained Earnings 330 Treasury Stock (4,000 shares purchased for $25/share) 18 619,031 479,585 957,748 2,543,131 19 20 21 22 586,550 23 1,371,924 24 616,370 1,631,760 178,322 500,000 1,613,146 5,595,017 25 26 27 28 29 30 100,000 2,292,675 31 340 Cash Dividends 410 Sales 510 Cost of Goods Sold 520 Wages Expense 530 Rent Exp 540 Depreciation Exp - Equipment 550 Utilities Exp 560 Misc. Exp 570 Interest Expense 32 14,959,658 33 8,372,158 1,907,823 970,469 311,907 158,172 769,936 19,440 34 35 36 37 38 39 40 41 Total 25,781,423 25,781,423 456
АВС Corporation
Statement of Retained Earnings
For the year ended December 31, 20XX
Statement of Retaining Earnings
See Chapter 13
Retained earnings, January 1, 20XX
5,595,017
Balance Sheet: (Classified)
Show contra acct balances in brackets ( )
Stockholder's Equity (Use Method 2 from text)
See Chapter 6 & 13
Net Income
Cash Dividends
Increase in retained earnings
2,488,633
2,292,675
4,781,308
10,376,325
Retained earnings, December, 31 20XX
АВС Согрогation
Balance Sheet
December 31, 20XX
ASSETS
LIABILITIES
Cash
1,644,311
Accounts Receivable
3,263,113
Allowance for Doubtful Accounts
(100,600)
Inventory
Other Current Assets
619,031
479,585
SHAREHOLDER'S EQUITY
5,905,440
Paid in capital
Additional Paid In Capital (Excess of
Issue over Par-C/S)
1,613,146
Transcribed Image Text:АВС Corporation Statement of Retained Earnings For the year ended December 31, 20XX Statement of Retaining Earnings See Chapter 13 Retained earnings, January 1, 20XX 5,595,017 Balance Sheet: (Classified) Show contra acct balances in brackets ( ) Stockholder's Equity (Use Method 2 from text) See Chapter 6 & 13 Net Income Cash Dividends Increase in retained earnings 2,488,633 2,292,675 4,781,308 10,376,325 Retained earnings, December, 31 20XX АВС Согрогation Balance Sheet December 31, 20XX ASSETS LIABILITIES Cash 1,644,311 Accounts Receivable 3,263,113 Allowance for Doubtful Accounts (100,600) Inventory Other Current Assets 619,031 479,585 SHAREHOLDER'S EQUITY 5,905,440 Paid in capital Additional Paid In Capital (Excess of Issue over Par-C/S) 1,613,146
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