prepare a balance sheet with the following information. NOTE: Check figures- Total current Assets = $1,264,429 and Total Current Liabilities & Stockholders' Equity = $1,783,951
E H 4 1 2 2 3 4 5 c B ABC Corporation Adjusted Trial Balance December 31, 2014 F G ABC Corporation Income Statement For the Year Ended December 31, 2014 Credit 6 Cash $ Debit 848,729 167,000 Sales Revenue Cost of Goods Sold Gross Profit $ 992,945 (275,000) $ 717,945 $ 8.000 8,000 190,300 25,000 75,000 58,500 58,500 16,400 181,385 75,000 150,000 Operating Expenses Advertising Expense 8,400 Wages Expense 80,350 Office Expense 21,700 Amortization Expense 8,759 Depreciation Expense 26,400 Utilities Expense 31,000 Insurance Expense 82,000 Bad Debt Expense 25,000 Pension Expense 40,000 Total Operating Expenses Income from Operations Other Revenues/Gains and Expenses/Losses: Rent Revenue 12,000 Loss on Impairment (10,000 Interest Expense (47,593 Interest Revenue 19.561 Total Other Gains and Losses Income before Income Taxes (323,609) 394,336 4,400 60,000 22.000 27,500 35,037 17,000 (26.032) $ 368,304 Income Tax Expense Net Income $ (63.800) $ 304.504 7 Short Term Investments 8 Fair Value Adjustment Trading) 9 Unrealized Holding Gain/Loss 10 Accounts Receivable 1 11 Allowance for Doubtful Accounts 12 Inventory 13 Loss on Inventory Write Down 14 Allowance to Reduce Inventory to NRV 15 Purchases 16 Prepaid Insucanice 17 LT Debt) Investments 18 Land 19 Building 20 Accumulated Depreciation Building 21 Equipment 22 Accumulated Depreciation Equipment 23 Patent 24 Right-of-Use Asset 25 Pension Asset/Liability 26 Gain/Loss-OCI 27 Accounts Payable 28 Wages Payable 29 Notes Payable 30 Interest Payable 31 Income Taxes Payable 32 Uneamed Rent Revenue 33 Bonds Payable 34 Premium on Bonds Payable 35 Lease Liability 36 Common Stock 37 PIC In Excess of Pac-Common Stock 38 Retained Earnings 39 Treasuwy Stock 40 PIC Treasury Stock 41 Dividends 42 Sales Revenue 43 Rent Revenue 43 44 Interest Revenue essen 45 Cost of Goods Sold 46 Advertising Expense 47 Wages Expense 48 Office Expense 49 Depreciation Expense 50 Utilities Expense 51 Amortization Expense 52 Insurance Expense 53 Income Tax Expense 54 Interest Expense 55 Loss on Impairment 56 Bad Debt Expense 57 Pension Expense 58 Deferred Compensation 59 Total co 20,000 75,240 12,750 235.000 52,504 63,800 24,000 800,000 56,860 33,293 104,000 40,000 Retained Eamings Beginning Balance Net Income/Loss Dividends Retained Earnings at the End of the Period $ 304,504 $ (41,000 263,504 21,000 ABC Corporation Statement of Retained Earnings For the Year Ended December 31, 2014 Retained Eamings Beginning Balance Net Income/Loss 304,504 Dividends $ (41,000) Retained Eamnings at the End of the Period 263.504 $ 41,000 992.945 12,000 19,561 275.000 8.400 80,350 21,700 26,400 31,000 8.759 82,000 63,800 47,593 10,000 25,000 40,000 10,000 2,680.853 2,680,853
