Prepare the Financial Statements for ABC Corporation: 1. Multistep income statement, 2. Statement of Retained Earnings and 3. a Classified Balance Sheet.

ABC Corporation Trial Balance December 31, 2010 Cash................................................................... Accounts Receivable......................................... Merchandise Inventory...................................... Land................................................................... Building.............................................................. Equipment.......................................................... Allowance for Doubtful Accounts....................... Accumulated DepreciationBuilding................ Accumulated DepreciationEquipment............ Accounts Payable.............................................. Taxes Payable.................................................... Dividends Payable............................................. Unearned Rent Revenue................................... Common Stock ($10 par)................................... Paid-in Capital in Excess of ParCS................ Preferred Stock ($20 par).................................. Paid-in Capital in Excess of ParPS................ Retained Earnings............................................. Treasury Stock................................................... Cash Dividends................................................. Sales.................................................................. Rent Revenue.................................................... Sales.................................................................. Bad Debts Expense........................................... Interest Expense................................................ Cost of Goods Sold............................................ Depreciation ExpenseBuildings..................... Depreciation ExpenseEquipment................... Other Operating Expenses................................ Salaries Expense............................................... Total.................................................................... Debit $ 53,300 1,000 5 2,700 2 5,000 6 5,000 9 0,000 4 0000,000 Credit $ 5,100 33,000 18,000 19,300 2,500 6,750 2,000 90,000 19,000 20,000 2,000 75,050 14,700 6,750 670,000 6,000 4,650 5,000 400,000 3,000 3,600 139,000 65,000 $868,700 $868,700