Q. 1 Following is the trail balance of ABC company:

Prepare the following :

i)Income Statement (multistep),

ii) a Balance Sheet (classified),

iii) a Statement of Stockholder's Equity,

iv)a Statement of Cash Flows (direct method).

S.no ABC company Trial balance Particulars 1 Cash 2 prepaid rent 3 common stock($1par) 4 Insurance premium 5 factory equipment 6 3% notes payable 7 account payable 8 supplies 9 raw material 10 work in process(A) 11 work in process(B) 12 purchase discount 13 factory wages payable 14 manufacturing OH payable 15 finished goods (A) 16 account receivable 17 sales 18 freight in 19 Manufacturing overhead 20 cost of goods sold 23 advertising expense 24 legal expense 25 legal expense payable 26 share premium 27 dividend 28 dividend payable 29 supplies expense 30 rent expense Debit Credit 131912 7500 150000 4200 15000 15000 25000 120 33000 0 12400 12 0 12750 0 25000 35000 800 8350 17500 5000 1500 1500 25000 3000 3000 480 1500 267262 267262