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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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