ACCT 3212 EXCEL ASSIGNMENT 1 PREPARATION OF A WORKSHEET The following account balances were taken from the ledger of ABC Company at December 31, 2019 before adjustments: Cash $ 42,000 Accounts Receivable 86.000 Allowance for Doubtful Accounts 2.400 Inventory 97,000 Land 62,300 Buildings 142,500 Accumulated Depreciation---Buildings 32,560 Long Term Investments 31,500 Accounts Payable 51,800 Mortgage Payable 122,500 Capital Stock, $5 par 200,000 Retained Earnings, December 31, 2017 26,950 Dividends 40,540 Sales 431,000 Sales Returns 9,560 Sales Discounts 8,440 Cost of Goods Sold 203,420 Selling Expenses 58,300 Administrative Expenses 44,200 Supplies Expense 5,100 Insurance Expense 12,000 Taxes --- Property & Payroll 15,800 Interest Revenue 750 Interest Expense 9,300 Information relating to adjustments on December 31, 2018, follows: (a) Allowance for Doubtful Accounts should be increased by $2,200. (b) Buildings have a salvage value of $7,500. Buildings are being depreciated at the rate of 10% per year. (c) Accrued selling expenses are $9,300. (d) Supplies on hand at year-end are $850. (@) Prepaid insurance relating to 2018 totals $3,800 (this is the amount of unexpired insurance at year-end). (1) Interest revenue earned in 2018 totals to $1,900. Accrued property and payroll taxes for the year equal 3.550 (h) Acered interest on the mortgage is $1,980 (1) Income tax is estimated to be 40% of income REQUIRED: Prepare an adjusting entry page with all the necessary entries Prepare a 10-column worksheet. Prepare an Income Statement, Statement of Retained Earnings, and a classified Balance Sheet. No common stock was issued SUBMIT: 1. Adjusting entry page 2. 10-column worksheet regular view 3. 10-column worksheet formula view 4. Income Statement, Statement of Retained Earnings, and a classified Balance Sheet 5. Formula page for financial statements