Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I just need the Balance Sheet done thank you! - ABC Corporation Adjusted Trial Balance December 31, 20xx Debit Credit 110 Cash 1,660,691 120 Accounts

I just need the "Balance Sheet" done thank you!
image text in transcribed
image text in transcribed
image text in transcribed
- ABC Corporation Adjusted Trial Balance December 31, 20xx Debit Credit 110 Cash 1,660,691 120 Accounts Receivable 3,261,879 125 Allowance for Doubtful Accounts 100,800 130 Inventory 620,187 140 Other Current Assets 479,580 150 Land 950,868 160 Equipment 2,545,131 161 Accumulated Depreciation - Equipment 588,550 170 Intangible Assets 1,370,924 210 Accounts Payable 616,365 220 Unearned Revenue 1,631,578 230 Wages Payable 178,372 310 Common Stock, $1 par (1,000,000 shares authorized, 504.000 Shares Issued) 500,000 311 Additional Paid In Capital (Excess of Issue over Par-C/S) 1,613,146 320 Retained Earnings 5,595, 149 330 Treasury Stock (4,000 shares purchased for $25/share) 100,000 340 Cash Dividends 2,292,807 410 Sales 14.969,106 510 Cost of Goods Sold 8,371,002 520 Wages Expense 1,907,873 530 Rent Exp 959,213 540 Depreciation Exp - Equipment 313,907 550 Utilities Exp 169,428 560 Misc. Exp 770,136 570 Interest Expense 19,440 Total 25.793,066 25,793,066 XXXX ABC Corporation Income Statement For the year ended December 31, 20XX Sales 14,969,106 Cost of Goods Sold (8,371,002) Gross Profit 6.598 104 Selling and Administrative expenses Wages Expense 1.907 873 Rent Expense 959,213 Utilities Expense 169,428 Miscellanous Expense 770.136 Depreciation Expense Equipmen 313,907 Interest Expense 19.440 4.139.997 Additional Instructions Enter data in shaded cells only. Do not reformat sheet (i.e.inserting rows, etc.) Accounting period is January - December Reporting period is January - December Show Negative numbers in brackets ( ) Income Statement: (Multi-Step Presentation) Do not separate Selling and Administrative Exp See Chapter 6 Net Profit 2,458,107 Statement of Retaining Earnings See Chapter 13 ABC Corporation Statement of Retained Earnings For the year ended December 31, 20XX Balance as on January 1, 20XX 5,595,149 Net profit for the year 2,458,107 Dividends 12,292,807 Increase in retained earnings 165,300 Balance as on December 31, 20XX 5,760.449 Balance Sheet: (Classified) Show contra acct balances in brackets ( ) Stockholder's Equity (Use Method 2 from text) See Chapter 6 & 13 ABC Corporation Balance Sheet December 31, 20XX ASSETS LIABILITIES

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Precalculus

Authors: Michael Sullivan

9th edition

321716835, 321716833, 978-0321716835

Students also viewed these Accounting questions