I am trying to complete the statement of cash flows for a comprehensive problem in Intermediate Acct III

Read ALL instructions before getting started! ABC Corporation is a new company that buys and sells office supplies. Business began on January 1, 2012. Given on the first two tabs are ABC's 12/31/12 Unadjusted Trial Balance and a list of needed adjustments. 1. Make all 16 adjustments on the "Adjusting Journal Entries" tab. Remember to include a description under each journal en 2. Post the adjustments to the general ledger on the "123112 TAccounts" tab. You may have to add TAccounts for new a Link your TAccount entries to your Journal Entries. PLEASE NOTE THAT THE "BB" (BEGINNING BALANCES) FO TACCOUNTS REPRESENT THE UNADJUSTED BALANCES AS OF 12/31/12. 3. Once the 12/31/12 TAccounts are complete, prepare the Adjusted Trial Balance. There may be some accounts with zero may have to insert lines for new accounts (some blank TAccounts have already been provided for you). Link the Adjust 4. Use the Adjusted Trial Balance numbers to complete the Income Statement, Statement of Retained Earnings, Balance She For purposes of the Income Statement, prepare using the multiple step format and assume that Rent Revenue, any Unrea Interest Expense, Interest Revenue, and any other Gains/Losses are NOT part of the major central ongoing operations of t Link your financial statements to your Adjusted Trial Balance. Use the Income Statement and Balance Sheet to finish the of Cash Flows. Since this is ABC's first year of operations, several line items on the Statement of Cash Flows have If necessary, review financial statement preparation in Chapters 4 and 5 of your textbook for a quick refresher. Plan on u completing Chapter 23 to help with the preparation of the Statement of Cash Flows. Additionally, since this is ABC Co the adjusted trial balance for all current assets and liabilities represents the change during the year for Statement 5. When the Financial Statements are complete, make the closing entries on the "Closing Entries" tab being mindful of the f 6. When closing entries have been made, post the entries to the general ledger on the "PostClose TAccounts" tab. Make su journal entries are also posted on your PostClose TAccounts. They will not automatically flow from tabtotab. Sugges finished posting your adjusting journal entries to the accounts in the "123112 T Accounts" tab, make a duplicate of this closing entries and then just relabel the tab as "PostClose TAccounts." Just be sure to delete the original "PostClose T workbook before you do this since you can't have two worksheets with the same name. 7. The final step is the PostClosing Trial Balance, which will use the ending balances from the 1/1/13 TAccounts. 8. Doublecheck your work. Here are a few things to check for: Adjusted Trial Balance: Make sure debit column and credit column total to the same figure at the bottom. Net income from the income statement will flow through to the Statement of Retained Earnings. Ending Retained Earnings from the Statement of Retained Earnings will flow through to the Balance Sheet. Ending Cash balance from the Balance Sheet should match your ending Cash balance on the Statement of Cash Flo The PostClosing Trial Balance should not have any revenue, expense, gain, loss, or other temporary accounts. Check figure 1: Income from operations = $245,256. Check figure 2: Total Current Assets = $1,335,573. Check figure 3: Total Liabilities & Stockholders' Equity = $1,727,416. Check figure 4: Cash flow used by operating activities = $29,160. Check figure 5: Adjusted Trial Balance debit and credit columns total $2,383,350. Remember: Neatness matters in Financial Statements. Print or Print Preview before submitting to make sure your Otherwise, management may send back to you for revision! Include your work at the bottom of each tab as needed. Ask questions prior to the dayight before the due date. The due date is clearly indicated on the course schedule. Utilize formulas and worksheet linkings in your financial statements to improve accuracy and save time in complet Please take advantage of Excel by using formulas to calculate groups of numbers (i.e. "Total Liabilities and Stockh al comments: This project is intended to make sure that you understand the accounting cycle as well as several key financial ed during your Intermediate Accounting series. It is very important to take the necessary time on this project to master these comprehensive problem will serve you well in Advanced Accounting and the rest of your accounting ABC Corporation Unadjusted Trial Balance December 31, 2012 Cash Short term investments Fair value adjustment (Trading) Accounts receivable Allowance for doubtful accounts Inventory Purchases Prepaid insurance LT (Debt) investments (HTM) Land Building Accumulated depreciation: building Equipment Accumulated depreciation: equipment Patent Accounts payable Notes payable Income taxes payable Unearned rent revenue Bonds Payable Premium on Bonds Payable Common stock PIC In Excess of ParCommon Stock Retained earnings Treasury stock Dividends Sales Revenue Advertising expense Wages expense Office expense Depreciation expense Utilities expense Insurance expense Income taxes expense Debit $688,741 170,000 256,500 343,800 18,000 138,913 52,000 108,000 51,900 30,000 25,000 50,000 3,900 56,800 20,400 20,150 19,400 54,000 66,000 $2,173,504 Credit $ 2,850 17,300 66,190 150,000 66,000 30,000 1,000,000 77,214 80,000 25,000 658,950 $2,173,504 Adjusting Journal Entries 12/31/12 JE # Account Titles 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Debits Credits Beginning balances (bb) on these Taccounts are the 12/31/12 unadjusted balances. Hint: If there is no beginning balance (bb), it is a new account. bb Cash 688,741 bb 688,741 bb Accounts receivable 256,500 bb 256,500 Short term investments 170,000 Inventory - bb - Fair value adjustment (Trading) bb - Purchases 343,800 bb 343,800 Allowance for doubtful accounts - bb Prepaid insurance 18,000 bb 18,000 LT (Debt) investments (HTM) bb 138,913 Land 52,000 52,000 Bonds Payable 1,000,000 bb Premium on Bonds Payable 77,214 bb 1,000,000 170,000 bb - - Accumulated depreciation: building 2,850 bb Building 108,000 108,000 bb 2,850 Notes payable 77,214 Accumulated depreciation: equipment 17,300 bb Equipment 51,900 51,900 Income taxes payable 66,000 bb 150,000 bb 138,913 bb 17,300 Unearned rent revenue 30,000 bb Patent 30,000 Accounts payable 66,190 bb 30,000 Common stock 66,190 Retained earnings 80,000 bb - bb 80,000 bb - Dividends 50,000 150,000 66,000 Sales Revenue 658,950 bb bb 658,950 bb Insurance expense 54,000 54,000 Advertising expense 3,900 3,900 bb Income taxes expense 66,000 66,000 30,000 bb Wages expense 56,800 56,800 bb Office expense 20,400 20,400 bb Depreciation expense 20,150 20,150 50,000 bb Utilities expense 19,400 19,400 ABC Corporation Adjusted Trial Balance December 31, 2012 Debit Credit $ $ ABC Corporation Income Statement For the Year Ended December 31, 2012 ABC Corporation Statement of Retained Earnings For the Year Ended December 31, 2012 ABC Corporation Balance Sheet For the Year Ended December 31, 2012 ABC Corporation Statement of Cash Flows For the Year Ended December 31, 2012 Cash flows from operating activities Net income Deduct: Amortization of bond premium (Issued bonds) Deduct: Unrealized holding G/L Add: Deduct: Amortization of HTM discount (Bond investment) Deduct: overfunding of pension plan for calendar year Increase in Increase in Increase in Increase in Increase in Increase in Increase in Increase in Cash flow used by operating activities Cash flows from investing activities Investment in short term investments Investment in LT bonds Cash flow used by investing activities Cash flows from financing activities Leased delivery vehicle paymentprincipal only Proceeds from bank note Cash flow provided by financing activities Net change in cash Beginning cash balance 1/1/12 Ending cash balance 12/31/12 *Note: As indicated in the instructions, the Statement of Cash Flows has been partially populated to assist you in the preparation of this financial statement. Remember, since the beginning cash balance is zero, the ending cash balance should also represent the total net change in cash. Closing Entries 12/31/12 JE # 17 18 19 20 Account Titles Debits Credits Beginning balances (bb) on these Taccounts are the 12/31/12 unadjusted balances. Hint: If there is no beginning balance (bb), it is a new account. bb Cash 688,741 bb 688,741 bb Accounts receivable 256,500 bb 256,500 Short term investments 170,000 Inventory - bb - Fair value adjustment (Trading) bb - Purchases 343,800 bb 343,800 Allowance for doubtful accounts - bb Prepaid insurance 18,000 bb 18,000 LT (Debt) investments (HTM) bb 138,913 Land 52,000 52,000 Bonds Payable 1,000,000 bb Premium on Bonds Payable 77,214 bb 1,000,000 170,000 bb - - Accumulated depreciation: building 2,850 bb Building 108,000 108,000 bb 2,850 Notes payable 77,214 Accumulated depreciation: equipment 17,300 bb Equipment 51,900 51,900 Income taxes payable 66,000 bb 150,000 bb 138,913 bb 17,300 Unearned rent revenue 30,000 bb Patent 30,000 Accounts payable 66,190 bb 30,000 Common stock 66,190 Retained earnings 80,000 bb - bb 80,000 bb - Dividends 50,000 150,000 66,000 Sales Revenue 658,950 bb bb 658,950 bb Insurance expense 54,000 54,000 Advertising expense 3,900 3,900 bb Income taxes expense 66,000 66,000 30,000 bb Wages expense 56,800 56,800 bb Office expense 20,400 20,400 bb Depreciation expense 20,150 20,150 50,000 bb Utilities expense 19,400 19,400 ABC Corporation PostClosing Trial Balance December 31, 2012 Debit Credit $ $ TOTAL POINTS EARNED 0 0 0 0 0 TOTAL SCORE (MAX 400 POINTS) Instructor Comments: 0