Prepare financial statements for the year ended as of December 31, 20xx. You areonly responsible for preparing the Income Statement, Statement of RetainedEarnings and a Classified Balance Sheet.Complete Case # 3 in this Excel workbook on template provided on the right.8910ABC CorporationAdjusted Trial BalanceDecember 31, 20xx11121314DebitCredit1,644,3113,263,113110 Cash16120 Accounts Receivable17125 Allowance for Doubtful Accounts100,600130 Inventory140 Other Current Assets150 Land160 Equipment161 Accumulated Depreciation - Equipment170 Intangible Assets210 Accounts Payable220 Unearned Revenue230 Wages Payable310 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 Earnings330 Treasury Stock (4,000 shares purchased for $25/share)18619,031479,585957,7482,543,13119202122586,550231,371,92424616,3701,631,760178,322500,0001,613,1465,595,017252627282930100,0002,292,67531340 Cash Dividends410 Sales510 Cost of Goods Sold520 Wages Expense530 Rent Exp540 Depreciation Exp - Equipment550 Utilities Exp560 Misc. Exp570 Interest Expense3214,959,658338,372,1581,907,823970,469311,907158,172769,93619,4403435363738394041Total25,781,42325,781,423456 АВС CorporationStatement of Retained EarningsFor the year ended December 31, 20XXStatement of Retaining EarningsSee Chapter 13Retained earnings, January 1, 20XX5,595,017Balance Sheet: (Classified)Show contra acct balances in brackets ( )Stockholder's Equity (Use Method 2 from text)See Chapter 6 & 13Net IncomeCash DividendsIncrease in retained earnings2,488,6332,292,6754,781,30810,376,325Retained earnings, December, 31 20XXАВС СогрогationBalance SheetDecember 31, 20XXASSETSLIABILITIESCash1,644,311Accounts Receivable3,263,113Allowance for Doubtful Accounts(100,600)InventoryOther Current Assets619,031479,585SHAREHOLDER'S EQUITY5,905,440Paid in capitalAdditional Paid In Capital (Excess ofIssue over Par-C/S)1,613,146

Name: Prepare financial statements for the year ended as of December 31, 20
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Description: Prepare financial statements for the year ended as of December 31, 20xx. You areonly responsible for preparing the Income Statement, Statement of RetainedEarnings and a Classified Balance Sheet.Complete Case # 3 in this Excel workbook on template pr

Income Statement: The income statement reports the financial performance in terms of profit or loss…

Business

Accounting

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

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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