prepare the following financial statements for the year ended as of December 31,20xx.

complete the income statement, statement of retained earnings, and fhe balance sheet using the journal entries within the adjusted trial balance.

Directions Prepare financial statements for the year ended as of December 31, 20xx. You are only responsible for preparing the Income Statement, Statement of Retained Earnings and a Classified Balance Sheet. Complete Case #3 in this Excel workbook on template provided on the right. ABC Corporation Adjusted Trial Balance December 31, 20xx Credit Debit 1,644,311 3,263,113 100,600 619,031 479,585 957,748 2,543,131 586,550 1,371,924 110 Cash 120 Accounts Receivable 125 Allowance for Doubtful Accounts 130 Inventory 140 | Other Current Assets 150 Land 160 Equipment 161 Accumulated Depreciation - Equipment 170 Intangible Assets 210 Accounts Payable 220 Unearned Revenue 230 Wagos Payable 310 Common Stock, $1 par (1,000,000 shares authored, 504,000 Shares lued) 311 Additional Paid In Capital (Excess of Issuo over Par-C/S) 320 Retained Earnings 330 Treasury Stock (4,000 shares purchased for $25/share) 340 Cash Dividends 410 Sales 510 Cost of Goods Sold 520 Wages Expense 530 Rent Exp 540 Depreciation Exp - Equipment 550 Utilities Exp 560 Misc. Exp 570 Interest Expense 616,370 1,631,760 178,322 500,000 1,613,146 5,595,017 100,000 2,292,675 14,959,658 4 -5 16 37 38 39 40 41 42 8,372,158 1,907,823 970,469 311,907 158,172 769,936 19,440 Total 25,781,423 25.781,423 ABC Corporation Income Statement For the year ended December 31, 20XX XOX 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 Expenses See Chapter 6 Statement of Retaining Earnings See Chapter 13 ABC Corporation Statement of Retained Earnings For the year ended December 31, 20XX Balance Sheet: (Classified) Show contra acct balances in brackets ( ) Stockholder's Equity (Use Method 2 from text) Soo Chapter 6 & 13 Increase in retained earnings ABC Corporation Balance Sheet December 31, 20XX LIABILITIES ASSETS SHAREHOLDER'S EQUITY