Req 4 (20 - 30 mins). Shown in Table 1 is a listing of account balances of ABC Corp. taken from its pre-closing trial balance as of and for the period ending December 31, 20x1. Account balances are listed in alphabetical order. Credit balances are shown in brackets. Observe that two opening

balances as of Jan 1, 20x1 are shown in Table 1: a balance for Retained Earnings and a balance for Accumulated Other Comprehensive Income.

Required: using the information in Table 1, prepare in proper form the financial statements indicated below for ABC Corp. as of or for the Table 1 - Preclosing account Balances of ABC period ended Dec 31, 20x1. Shown your work on Corporation Solution Form, Req 4. December 31, XI Debit/ Classifi 1. Income Statement. (You need not prepare a (Credit) caiton separate statement of comprehensive income). Statement of Retained Earnings Accounts Payable (100) 2 . 3 . Statement of Accumulated Other Accounts Receivable 80 Accrued Liabilities (110) Comprehensive Income Accumulated Deprecation (170) 4. Balance Sheet Allowance for Uncollectibles (10) Bonds Payable, Long-term (320) Suggestion: before preparing the statements, you Cash 50 may wish to indicate the financial statement Common Stock, at Par (40) classification of the balances in Table 1 using the Cost of Sales 670 following categories in Table 2 Deferred Income Taxes, Current Asse (Alt + A) 20 Table 2 Deferred Income Taxes, (80) Statement Classification noncurrent liability Dividends paid in cash 40 IS Income Statement Extraordinary loss 10 RE Retained Earnings Goodwill 80 AOCI Accumulated Other Comprehensive Income tax expense 40 Income Interest expense 20 BS Balance Sheet Inventory 20 Section of Balance Sheet Investments, marketable CA Current Assets securities, at cost* 40 NA Noncurrent Assets Land 20 CL Current Liabilities Opening balance, Accumulated NL Noncurrent Liabilities Other Comprehensive Income* (20) SE Stock Holders' Equity Opening balance, Retained Example: Earnings (310) Sales would be coded IS Paid-In-Capital in excess of par (60) Accounts payable would be coded: BS, CL Prepaid expenses 10 Property and Equipment 400 Research and Development 30 Sales 1,050) Securities fair value adjustment* 30 Selling and Administrative expenses 220 Treasury stock, at cost 200 Unrealized (gain), marketable securities (10) *-relate to ABC's Portfolios of noncurrent available-for sale marketable securities. No Securities were sold in 20X1. Ignore tax effectsSolution Form, Req 4 ABC Corporation ABC Corporation Statement of Retained Earnings Income Statement For the Year Ended December 31, 20X1 For the Year ended December 31 ,20X1 ABC Corporation Statement of Accumulated Other Comprehensive Income For the Year ended December 31, 20X1