ACC 120 - Principles of Financial Accounting Case #3 - Version B 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 Income Statement For the year ended December 31, 20XX Additional Instructions Enter dala in shaded cells only LOOK Do not reformat sheet (.e.inserting rows, etc.) Accounting period is January - December Reporting period is January - December Show Negative numbers in brackets) ABC Corporation Adjusted Trial Balance December 31, 20xx Credit Debit 1,644,311 3,263,113 Income Statement: (Mult-Step Presentation) Do not separate Selling and Administrative Expenses See Chapter 6 100.600 619,031 479,585 957.748 2,543,131 586,550 ABC Corporation Statement of Retained Earings For the year ended December 31, 20XX Statement of Retaining Earnings See Chapter 13 1,371,924 110 Cash 120 Accounts Receivable 125 Allowance for Doubtful Accounts 130 Inventory 140 Other Current Assets 150 Land 160 Equipment 181 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 Eamings 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 616,370 1,631,760 178 322 500,000 1,613,146 5,595,017 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 100,000 2,292.675 14,959,658 ABC Corporation Balance Sheet December 31, 20XX ASSETS LIABILITIES 8,372,158 1,907,823 970,469 311,907 158.172 769,936 19,440 SHAREHOLDER'S EQUITY Total 25,781,423 25,781,423