Financial Statements

The following is the adjusted trial balance for ABC Company in scrambled order. All balances are normal balances.

Wage expense	70,000
Utility expense	28,000
Unearned admissions	20,000
Sales returns and allowances	38,000
Sales discounts	14,250
Sales	950,000
Retained earnings Beginning	25,000
Rent expense	65,000
Prepaid expenses	10,000
Notes Payable	35,000
Mortgage payable	78,750
Machinery	100,000
Long term debt securities held for investment	150,000
Land	125,700
Inventories	20,000
Interest expense	25,000
Gain from sale of equipment	17,450
Dividends	15000
Depreciation expense	50,000
Customer Lists	95,000
Cost of sales	475,000
Common stock	250,000
Cash and cash equivalents	78,000
Buildings	200,000
Advertising expense	11,000
Additional Paid in Capital	109,750
Accumulated depreciation	45,000
Accrued wage expense	22,000
Accounts Receivables	15,000
Accounts payable	32,000

Complete the following in good form:

• Multi-step Income Statement (16 points)
• Statement of Retained Earnings (4 points)