Low Additionally, incess ABC Cortion's first year of operations the adjusted balance for all cuentaste and liabilities represents the change during the year for Statement of Cash Floss analysis 5. When the Financial Statements are complete, make the closing rates on the "Closing Ene" tab hoing madal of the two closing enter you've leatoed 6. When clog entries have been made post the entities to the general leder on the "Post Close Tart Matter age Layout Formulas Data REVIEW View Help zamond 11 ' & Wrap Text Custom TU a. Av 3 Merge & Center $ % 88% Condition Formattin Font Is Alignment Number 5 7500 D y 1 2 B ABC Corporation Income Statement For the Year Ended December 31, 2014 9 files 3 4 5 Dcbit e Prob... the use 6 7 8 9 10 11 Sales Revenue Fair Value of Just Allowance for Doubtful Accounts Inventory Unrealised Rent Rent Completion of Shipping Cost Interest Interest on Note Payable Income Credit $892,945 $23,000 $25,000 $75,000 $24,000 $12,000 $16,500 $19,561 $1,175 $1,089,181 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Insurance expense Income taxes expense Interest Expense Pension Expense Advertising expense Wages expense Office espense Depreciation expense Utilities expense Dividend Lease on Velucle Lower of Cost Bad Debt Adjusting Journal Entries $82,000 563,800 $1,175 540,000 $8,400 580 350 $21,700 $35.159 $31.000 S$1,000 +3.796 75,000 25.000 12-31-14 T-Accounts (GL) ve? Close Adjusted Trial Balance Inco 28 29 30 31 32 Lower of Cost Bad Debt Impairment Loss Employee Compensation Realised Holding Loss Income Retained Earnings Purchases Expenditures 75,000 25,000 7,500 10,000 $8,000 $165,301 $350,000 $1,089,181 33 34 35 36 37 38 39 Close Adjusting Journal Entries 12-31 14 T Accounts (GL) Adjusted Trial Bala Font IN Alignment Number LA Styles fc B E 1 2 3 A ABC Corporation Statement of Retained Earnings For the Year Ended December 31, 2014 4 ob... use 5 Opening Balance of Retained Earnings 6 Net Income 7. (Less) Dividend 8 9 Closing Balance of Retained Earnings 10 $165,301 $1,089,181 (541,000 $1,213,482 12 13 14 15 16 17 18 19 20 21 22 fe D E b... A B 1 ABC Corporation 2 Balance Sheet 3 For the Year Ended December 31, 2014 4 Liabilities Debit Credit 5 Accounts Payable 75240 6 Notes Payable 235000 7 Income Tax Payable 63,800 8 Bonds Payable 800,000 9 Premium on Bonds $ 56,860 10 Common Stock 101,000 11 In Excess 34,000 12 Wages Payable 12,750 13 Additional Paid in Capital 21.000 14 Net Realisable Value 93,500 15 Employee Stock 10,000 16 Accumulated Depreciation 8,759 17 Lease Liability $ 33,293 18 Interest Payable 51,329 19 Retained Earnings 165,301 20 Balancing Figure 75,582 21 1,837,414 92 23 Assets 24 Cash 25 Short Term Investments 26 Accounts Receivable 27 Prepaid Insurance 28 LT (Debt) Investment 29 Land 30 Building 31 Equipment 32 Patent 33 Treasury Stock 34 Accumulated Depreciation 35 36 37 Patent Related 38 Market Value 39 40 41 42 43 822,729 167,000 190,300 16,400 181,385 75,000 150,000 60,000 30,000 49,000 $ Equipment Building (4,400) (22,000) 12,000 110.000 1,837,414 44 45 46 47 12-31-14 T-Accounts (GL) Income Statement 1 Adjusted Trial Balance Statement of Re O BI D E 2. $ 1,089,181 35,159 8 A B C 1 ABC Corporation 2 Statement of Cash Flows 3 For the Year Ended December 31, 2014 4. 5 Cash flows from operating activities 6 Net income 7 Add: Depreciation expense Add: Amortization expense 9 Add: Bad debt expense 10 Add: Pension Underfunding 11 Deduct: Amortization of bond premium (Issued bonds) 12 Add: Unrealized holding G/L 13 Add: loss on impairment 14 Deduct: Amortization of HTM discount (Bond investment) 15 CHANGES IN WORKING CAPITAL 16 ACCOUNTS SHOULD BE LISTED HERE 17 IN THE 8 ROWS HILITED IN YELLOW. 18 AFTER YOU HAVE COMPLETED THIS 19 SECTION, REMOVE THE YELLOW 20 HILITING AND ITALICS FONT 21 22 23 Cash flow provided by operating activities 24 25,000 4,000 (56,860) 8,000 7,500 (181,385) 930,595 36 24 25 Cash flows from investing activities 26 Purchase of property, plant, & equipment 350,000 27 Investment in short term investments 167,000 28 Purchase of Patent 30,000 29 Investment in L-T bonds 181,385 30 Cash flow used by investing activities 728,385 31 32 Cash flows from financing activities 33 Issuance of bonds 800,000 34 Leared delivery vehicle payment principal only 33,293 35 Proceeds from bank note 235,000 Payment of dividends 41.000 37 Issuance of common stock for cash 101.000 38 PIC Treasury stock 34,000 39 Cash flow provided by financing activities 1.244.293 40 41 Net change in cash 42 Beginning cash balance 1/1/14 43 Ending cash balance 12/31/14 44 45 46 Note: As indicated in the instructions, the Statement of Cash Flows has been partially populated to assist you in the 47 preparation of thus fancial statement. Remember, since the beginning cash balance is zero, the ending cash balance 48 should also represent the total net change in cushi Adjusted Trial Balance Income Statement Statement of Retained Earnings Balance Sheet Close Stateme d Font Anment Number Syles r 12/31/14 G Closing Entries ving files p 3 2 3 4 JE Account Titles Debit Credits 5 sive Prob 6 7 8 10 11 12 13 14 Low Additionally, incess ABC Cortion's first year of operations the adjusted balance for all cuentaste and liabilities represents the change during the year for Statement of Cash Floss analysis 5. When the Financial Statements are complete, make the closing rates on the "Closing Ene" tab hoing madal of the two closing enter you've leatoed 6. When clog entries have been made post the entities to the general leder on the "Post Close Tart Matter age Layout Formulas Data REVIEW View Help zamond 11 ' & Wrap Text Custom TU a. Av 3 Merge & Center $ % 88% Condition Formattin Font Is Alignment Number 5 7500 D y 1 2 B ABC Corporation Income Statement For the Year Ended December 31, 2014 9 files 3 4 5 Dcbit e Prob... the use 6 7 8 9 10 11 Sales Revenue Fair Value of Just Allowance for Doubtful Accounts Inventory Unrealised Rent Rent Completion of Shipping Cost Interest Interest on Note Payable Income Credit $892,945 $23,000 $25,000 $75,000 $24,000 $12,000 $16,500 $19,561 $1,175 $1,089,181 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Insurance expense Income taxes expense Interest Expense Pension Expense Advertising expense Wages expense Office espense Depreciation expense Utilities expense Dividend Lease on Velucle Lower of Cost Bad Debt Adjusting Journal Entries $82,000 563,800 $1,175 540,000 $8,400 580 350 $21,700 $35.159 $31.000 S$1,000 +3.796 75,000 25.000 12-31-14 T-Accounts (GL) ve? Close Adjusted Trial Balance Inco 28 29 30 31 32 Lower of Cost Bad Debt Impairment Loss Employee Compensation Realised Holding Loss Income Retained Earnings Purchases Expenditures 75,000 25,000 7,500 10,000 $8,000 $165,301 $350,000 $1,089,181 33 34 35 36 37 38 39 Close Adjusting Journal Entries 12-31 14 T Accounts (GL) Adjusted Trial Bala Font IN Alignment Number LA Styles fc B E 1 2 3 A ABC Corporation Statement of Retained Earnings For the Year Ended December 31, 2014 4 ob... use 5 Opening Balance of Retained Earnings 6 Net Income 7. (Less) Dividend 8 9 Closing Balance of Retained Earnings 10 $165,301 $1,089,181 (541,000 $1,213,482 12 13 14 15 16 17 18 19 20 21 22 fe D E b... A B 1 ABC Corporation 2 Balance Sheet 3 For the Year Ended December 31, 2014 4 Liabilities Debit Credit 5 Accounts Payable 75240 6 Notes Payable 235000 7 Income Tax Payable 63,800 8 Bonds Payable 800,000 9 Premium on Bonds $ 56,860 10 Common Stock 101,000 11 In Excess 34,000 12 Wages Payable 12,750 13 Additional Paid in Capital 21.000 14 Net Realisable Value 93,500 15 Employee Stock 10,000 16 Accumulated Depreciation 8,759 17 Lease Liability $ 33,293 18 Interest Payable 51,329 19 Retained Earnings 165,301 20 Balancing Figure 75,582 21 1,837,414 92 23 Assets 24 Cash 25 Short Term Investments 26 Accounts Receivable 27 Prepaid Insurance 28 LT (Debt) Investment 29 Land 30 Building 31 Equipment 32 Patent 33 Treasury Stock 34 Accumulated Depreciation 35 36 37 Patent Related 38 Market Value 39 40 41 42 43 822,729 167,000 190,300 16,400 181,385 75,000 150,000 60,000 30,000 49,000 $ Equipment Building (4,400) (22,000) 12,000 110.000 1,837,414 44 45 46 47 12-31-14 T-Accounts (GL) Income Statement 1 Adjusted Trial Balance Statement of Re O BI D E 2. $ 1,089,181 35,159 8 A B C 1 ABC Corporation 2 Statement of Cash Flows 3 For the Year Ended December 31, 2014 4. 5 Cash flows from operating activities 6 Net income 7 Add: Depreciation expense Add: Amortization expense 9 Add: Bad debt expense 10 Add: Pension Underfunding 11 Deduct: Amortization of bond premium (Issued bonds) 12 Add: Unrealized holding G/L 13 Add: loss on impairment 14 Deduct: Amortization of HTM discount (Bond investment) 15 CHANGES IN WORKING CAPITAL 16 ACCOUNTS SHOULD BE LISTED HERE 17 IN THE 8 ROWS HILITED IN YELLOW. 18 AFTER YOU HAVE COMPLETED THIS 19 SECTION, REMOVE THE YELLOW 20 HILITING AND ITALICS FONT 21 22 23 Cash flow provided by operating activities 24 25,000 4,000 (56,860) 8,000 7,500 (181,385) 930,595 36 24 25 Cash flows from investing activities 26 Purchase of property, plant, & equipment 350,000 27 Investment in short term investments 167,000 28 Purchase of Patent 30,000 29 Investment in L-T bonds 181,385 30 Cash flow used by investing activities 728,385 31 32 Cash flows from financing activities 33 Issuance of bonds 800,000 34 Leared delivery vehicle payment principal only 33,293 35 Proceeds from bank note 235,000 Payment of dividends 41.000 37 Issuance of common stock for cash 101.000 38 PIC Treasury stock 34,000 39 Cash flow provided by financing activities 1.244.293 40 41 Net change in cash 42 Beginning cash balance 1/1/14 43 Ending cash balance 12/31/14 44 45 46 Note: As indicated in the instructions, the Statement of Cash Flows has been partially populated to assist you in the 47 preparation of thus fancial statement. Remember, since the beginning cash balance is zero, the ending cash balance 48 should also represent the total net change in cushi Adjusted Trial Balance Income Statement Statement of Retained Earnings Balance Sheet Close Stateme d Font Anment Number Syles r 12/31/14 G Closing Entries ving files p 3 2 3 4 JE Account Titles Debit Credits 5 sive Prob 6 7 8 10 11 12 13 14