ACCT 3212 EXCEL ASSIGNMENT 1 The following account balances were taken from the ledger of ABC Company at December 31 2018 before adjustments Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Land Buildings Accumulated Depreciation---Buildings Long Term Investments Accounts Payable Mortgage Payable Capital Stock, $5 par Retained Earnings, December 31, 2017 Dividends Sales Sales Returns Sales Discounts Cost of Goods Sold Selling Expenses Administrative Expenses Supplies Expense Insurance Expense Taxes---Property & Payroll Interest Revenue Interest Expense $42,000 86.000 2,400 97,000 62,300 142,500 32,560 31,500 51,800 122,500 200,000 26,950 40,540 431,000 9,560 8,440 203,420 58,300 44,200 5,100 12,000 15,800 750 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 (e) Prepaid insurance relating to 2018 totals $3,800 (this is the amount of unexpired insurance at year-end) (f) Interest revenue earned in 2018 totals to $1,900 (g) Accrued property and payroll taxes for the year equal S3,550 (h) Accrued interest on the mortgage is S1,980. (i) 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