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I please need some help and explanation ASAP on making a classified balance sheet based off this information. It has to be in the second
I please need some help and explanation ASAP on making a classified balance sheet based off this information. It has to be in the second pic's format. Thank you for any help!
These are my journal entries and then the multiple income statement.
Part 2 Instructions: Page 2 me balances listed below are for December 31 and already include the journal entries you just prepared except for the stockholders' equity accounts. The balances listed for the stockholders equity accounts are the January 1 balances. You will need to utilize the journal entries you just prepared to complete the Statement of Stockholders' Equity Prepare a multistep income statement, a statement of stockholders' equity, and a classified balance sheet in good form for the year ended December 31, 20X1. Use the Student Input Form (Excel File) to complete the Financial Statements Credit Debit 90,000 59.000 3,000 15,000 1,500 6,000 900 600 4,500 91,500 45,000 23,970 2,000 30,000 1.500 68,415 0 0 33,000 Cash Accounts receivable Allowance for doubtful accounts Equity Investments at cost Valuation allowance for Equity Investments Merchandise inventory at lower of cost (FIFO) or market Prepaid expenses Interest receivable Investment in Masco Company stock Store buildings and equipment Accumulated depreciation-store buildings and equipment Accounts payable Income tax payable Bonds payable, 10%, due in 10 years Premium on bonds payable Retained earnings, January 1, 20X1 Cash dividends, January 1, 20X1 balance Stock Dividends, January 1, 20X1 balance Common stock, $10 par (100,000 shares authorized: 3300 shares outstanding), January 1, 20X1 Paid-in capital in excess of par-common stock, January 1, 20X1 Paid-in capital from sale of treasury stock, January 1, 20X1 Treasury stock, January 1, 20X1 Sales Gain from sale of investment Unrealized gain(loss) on Equity Investments Dividend revenue Interest revenue Income of Masco Company Cost of goods sold Advertising expense Depreciation expense-store buildings and equipment Miscellaneous selling expenses Sales commissions Office rent expense Office salaries expense Miscellaneous administrative expenses Interest expense Income tax expense 3,300 0 01 210,000 300 2,880 240 810 6,000 120,000 $3,000 2.100 1,500 6,000 15,000 18,000 300 1,500 12.000 ABC Corporation, Inc. Balance Sheet December 31, 20X1 Page 7 (36 points) Assets Liabilities Stockholders' Equity Page 3 Accounting Name dints total 2 - 8 points each (75 points) 1500 1500 A 31.500 B Journal Entries Cash Common Stock Paid in Capital in Excess of for Cash Bonds Payable Premion Bonds Rocable Cash Dividends Cash Dividends Payable Cash Divides fable 30.00 1507 C Trace E 1825 18,200 SOS lanoo 2.400 3,600 Stock Dividends Common Stock Dividends Paldin Codul Eyness of for Common Stock Dividends Distributable 2 A60 Common stack G 2,402 Bond Investment 5.077) I Treasury Stock 120go 1,080 Cash Tas Intenst Revenue 125 IP20 180 180 X 350 IL Cash Dividend Deum Cech Investment -Moeco Comp. Stock Cash 302 765 istr M 540 225 N Aleso 3,750 Cash Equity Investment at Coast Gain from sale of Investment 9018 15.00 P Investment in Manco Camp, Stock Income - Master Company Cash Interest Revenue Band Investments Gain on sale of Investment 5213 5,000 15 2,880 Naluation Allowance - Equity Investo Unrealized Gain on Eghty Inv. Interest Expense Premium on Bonds Payable Cash 1425 1,507 Page 5 ABC Corporation, Inc. Income Statement For the Year Ended December 31, 20X1 (27 points) 210,000 120,000 12,600 Sales Less lost of Goods Sold Gross Aokit Selling 4 Administrative Expenses: Selling Expenses : Advertising Expenses 3.000 Depreciation Expense Stare Building Equipmed 2,100 Sales Commissions 1000 Misc Selling EXPENSES 1.500 Total Selling Expenses Adminische Expenses Office Rent Expense 15.00 Office Sobries Expense 18.000 Misc. Admin Exsense The Adminibane Boxes Total Selling 4 Administrative Expenses Income from Operations Other Income / Expenses : Didend Revenue 240 SIO Interest Revenue Income from masco Company Gain from sale of Investments 300 Interest Expense (1,500) Income before takes Income Tax Expense Net Income 337200 15,900 5,850 149.950 12.00 37,950 Step by Step Solution
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