ACC 120 - Principles of Financial Accounting Case #3 - Version C Directions 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 Credit Debit 1,660,691 3,261,879 100,800 620,187 479,580 950,868 2,545,131 588,550 1,370,924 110 Cash 120 Accounts Receivable 125 Allowance for Doubtful Accounts 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-CIS) 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 616,365 1,631,578 178,372 500,000 1,613,146 5,595,149 100,000 2,292,807 14,969,106 8,371,002 1,907,873 959,213 313,907 169,428 770,136 19,440 Total 25,793,066 25,793,066 ABC Corporation Income Statement For the year ended December 31, 20XX Additional Instructions Enter data in shaded cells only. XXXX Do not reformat sheet (i.e. inserting rows, etc.) Accounting period is January - December Reporting period is January - December Show Negative numbers in brackets ( ) Income Statement : (Multi-Step Presentation) Do not separate Selling and Administrative Expenses See Chapter 6 ABC Corporation Statement of Retained Earnings For the year ended December 31, 20XX Statement of Retaining Earnings See Chapter 13 Balance Sheet: (Classified) Show contra acct balances in brackets() Stockholder's Equity (Use Method 2 from text) See Chapter 6 & 13 Increase in retained earnings ABC Corporation Balance Sheet December 31, 20XX ASSETS LIABILITIES