B D E 1 2 ABC Corporation Adjusted Trial Balance December 31, 2014 3 4 Credit $ Debit 822,729 167,000 $ 23,000 190,300 25,000 75,000 350,000 16,400 181,385 75,000 150,000 $ 4,400 5 6 Cash 7 Short term investments 8 Fair value adjustment (Trading) 9 Accounts receivable 10 Allowance for doubtful accounts 11 Inventory 12 Purchases 13 Prepaid insurance 14 LT Debt) investments (HTM) 15 Land 16 Building 17 Accumulated depreciation building 18 Equipment 19 Accumulated depreciation: equipment 20 Patent 21 Accounts payable 22 Notes payable 23 Income taxes payable 24 Unearned rent revenue 25 Bonds Payable 26 Premium on Bonds Payable 27 Common stock 28 PIC In Excess of Par-Common Stock 29 Retained earnings Unadjusted Trial Balance 60.000 22,000 30,000 75,240 235,000 63,800 24,000 800,000 56,860 101,000 34,000 Adjustments Needed Adjusting Journal Entries 12-31-14 B D E 49,000 41,000 892,945 8,400 80,350 21,700 35,159 31,000 82,000 63,800 43,796 29 Retained earnings 30 Treasury stock 31 Dividends 32 Sales Revenue 33 Advertising expense 34 Wages expense 35 Office expense 36 Amortization expense 37 Depreciation expense 38 Utilities expense 39 Insurance expense 40 Income taxes expense 41 Lease on Vehicle 12 Rent Revenue 43 Wages Payable 44 Interest Expense 45 Lower of cost 46 Completetion and Shipping cost 47 Bad debt expense 48 Additional paid in capital 49 Pension Expense 50 Pension related assets/liability 51 Impairment Loss 52 Market Value 53 Net ce sable value 54 Interest Revenue 55 Employee stock option 56 Accumulated depreciation 57 Lease liability Unadjusted Trial Balance 12,000 12,750 1.175 75,000 16,500 25.000 21,000 40,000 12,000 7,500 110,000 93,500 19,561 10,000 8,759 33,293 Adjusting Journal Entries Adjustments Needed 1231 14 THC B D E 35,159 31,000 82,000 63,800 43,796 12,000 12,750 1,175 75,000 16,500 25,000 A 36 Amortization expense 37 Depreciation expense 38 Utilities expense 39 Insurance expense 40 Income taxes expense 41 Lease on Vehicle 42 Rent Revenue 43 Wages Payable 44 Interest Expense 45 Lower of cost 46 Completetion and Shipping cost 47 Bad debt expense 48 Additional paid in capital 49 Pension Expense 50 Pension related assets/liability 51 Impairment Loss 52 Market Value 53 Net tesiable value 54 Interest Revenue 55 Employee stock option 56 Accumulated depreciation 57 Lease liability 58 Interest Payable 59 Employee Compensation 60 Interest on notes payable 61 Realized holding loss income 21,000 40,000 12,000 7,500 110,000 93,500 19,561 10,000 8,759 33 293 51.329 $ S $ 10,000 $ 1.175 $ 8,000 62 63 $ 2,787,694 $ 2,787,694 64 se Adjusting Journal Entries 12-31-14 T-Accounts (GL) Adjusted Trial Balance Income S may have to insect lines for new.cents Channe blank Accounts have already been provided for your lank the Adjusted Teal Betance to your Accounts 4. Use the Adjusted Toal Balance numbers to complete the Income Statement, Statement of Retained Earrings, Balsace Sheet, and Statement of Cash Flow For purposes of the locome Statement, prepare using the multiple step format and assume that Rent Reveme, my Unrenlized Holding Gas/lossen, Interest Expense Interest Revenue, and my other Gains/Losses se NOT put of the major central ongoing openitions of the company Link you financial statements to your Adjusted Tral Balance Use the Locome Statement and Balance Sheet to finish the partidy completed Statement of Cash Flow. Since this is ABC's first year of operations, several line items on the Statement of Cash Flow have already been supplied to you If necessary, renew financial statement preparation Chapters 4 and 5 of your textbook for a quick refresher Plan on sag your knowledge gased in completing Chapter 21 to help with time preparation of the Statement of Cash Flow Additionally, since this is ABC Corporation's first year of operations, the adjusted trial balance for all current assets and liabilities represents the change during the year for Statement of Cash Flows analyzin purposes mond 11 29 Wrap Test Custom ili II CE E Merge & Center % 9% Conditional Form Formatting at fon Nipment Number Credit 23,000 b... se 25,000 75.000 b. se B 1 ABC Corporation 2. Adjusted Trial Balance 3 December 31, 2014 4 S Debit 6 Cash $ B22,729 7 Short term investments 167.000 8 Far value adjustment (Trading) 5 9 Accounts receivable 190,300 10 Allowance for doubtful accounts 11 Inventory 12 Purchases 350,000 13 Prepaid inserce 16,400 14 LT (Debt investments (HTM) 181 385 15 Land 75,000 16 Building 150,000 17 Accumulated depreciation building $ 18 Equipment 60,000 19 Accumulated depreciation equipment 20 Patent 30,000 21 Accounts payable 22 Notes parable 23 Income taxes pavable 24 Uneamed rent revenue 25 Bonds Payable 26 Premium on Boads Payable 27 Common stock 28 PIC In Excess of Par-Common Stock 29 Retined eaming Unadjusted Trial Balance Adjustments Needed 4.400 22,000 75,240 235,000 63,800 24,000 800.000 56,860 101.000 34.000 Close Adjusting Journal Entries 12-31-1 O AC 323 Comprehensive Problem Spring 2021 Kayla Terry - ge Layout Formulas Data Review View Help mond 11 == 2 Wrap Text ' ' a. A I U Custom $ - % - Merge & Center Conditional Format Formatting Table Styles Fam Alignment 6 Number 34,000 49,000 41,000 892,945 Tob. use 8,400 80,350 21,700 ob. UE 35,159 31,000 82,000 63,800 43,796 28 PIC In Excess of Par Commoa Stock 29 Retained es 30 Treasury stock 31 Dividends 32 Sales Revenge 33 Advertising expense 34 Wages expense 35 Office espense 36 Amortization expense 37 Depreciation expense 38 Uulitses espense 39 Insurance expense 40 Income taxes expense 41 Lease on Vehicle 42 Rent Revente 43 Wages Payable 44 Interest Expense 45 Lower of cost 46 Completetion and Shipping cost 47 Bad debt expense 48 Additional paid in capital 49 Pension Espense 50 Pension related assets/ability 51 Impairment Loss 52 Market Value 53 Net resible value 54. Interest Revente 55 Emplovee stock option 56 Accumulated depreciation Unadjusted Trial Balance 12,000 12,750 1,175 75,000 16,500 25 000 21.000 10,000 12.000 7,500 110,000 93,500 19,561 10,000 8,759 Adjusting Journal Entries Close Adjustments Needed 12311-14 TA th O Hi A A