Acet 2010 Second Exam 1. From the following trial balance for the ABC Co. dated 12/31/19 prepare in good form an income statement, retained earnings statement and balance sheet: DR CR Cash $35,000 Ace Rec 91.000 Allow Bad Debt S1,800 Inventory 84.900 Long term invest 27,500 Land 53,400 Building 112.500 Acc Depre 26,780 Acet Payables 36,960 Mortgage Payable 99.500 Common Stock 175.000 Retained Earnings 14.840 Dividenda 9,670 Sales 399.000 Sales Returns 12,890 Sales Discounts 7.540 Cost of Sales 151.320 Freight 6,300 Selling Exps 62.350 Office Exps 38.900 Insurance Exps 14,000 Supplie Exps 4,800 9,500 Interest Rev Interest Expense 3.300 Corp Inc Tax 10,000 Discontinued Loss 8,000 Extraordinary Gain 28.440 $742,870 5742.340 2. Joumalize all closing entries from the above information Taxes 520 Acet 2010 Second Exam 1. From the following trial balance for the ABC Co. dated 12/31/19 prepare in good form an income statement, retained earnings statement and balance sheet: DR CR Cash $35,000 Ace Rec 91.000 Allow Bad Debt S1,800 Inventory 84.900 Long term invest 27,500 Land 53,400 Building 112.500 Acc Depre 26,780 Acet Payables 36,960 Mortgage Payable 99.500 Common Stock 175.000 Retained Earnings 14.840 Dividenda 9,670 Sales 399.000 Sales Returns 12,890 Sales Discounts 7.540 Cost of Sales 151.320 Freight 6,300 Selling Exps 62.350 Office Exps 38.900 Insurance Exps 14,000 Supplie Exps 4,800 9,500 Interest Rev Interest Expense 3.300 Corp Inc Tax 10,000 Discontinued Loss 8,000 Extraordinary Gain 28.440 $742,870 5742.340 2. Joumalize all closing entries from the above information Taxes 520