Unadjusted Adjusted Accounts Adjustments ourn Trial Balance Trial Balance Debit Debit Credit Debit Credit 23,500 1,900 21,500 2,200 Accounts Receivable Allowance for Doubtful Accounts Prepaid Insurance 300 100 400 500 700 3,800 4,500 25,000 30,000 200 3,100 3,100 25,000 30,000 0 Inventory an Machines Accumulated Depreciation Trademarks Accounts Payable Wages Payable FICA Taxes Payable FUTA & SUTA Taxes Payable Federal & State Income Taxes Payable Unearned Revenue Common Stock Paid-in Capital Retained Earnin Dividends Service Revenue Cost of Goods Sold Wages Expense Bad Debt Expense Insurance Expense upplies Expense Payroll Tax Ex Impairment Loss for 12,000 3,500 15,500 50,000 48,500 3,000 2,247 436 5,000 436 435 6,700 24,000 60,000 15,000 6,500 24,000 60,000 15,000 4,800 4,800 35,500 500 36,000 1,400 16,900 500 500 700 284 1,400 2,900 400 500 700 284 14,000 100 1,500 1,500 Impairment Loss for Trademarks Debreciation Expense 1,500 1,500 3,500 CONTROL: Debits must equal Credits 158,300158,300 5,384 163,684163,684 5,384 INSTRUCTIONS: You may print the entire workbook and complete this project on paper or complete the project in Excel. You can use formulas if you want, etc. (a) Reconstruct the amount of the Adjusting Journal Entries (AJEs), above, assign a number to each AJE, and then prepare the tab "AJEs". On the AJE Tab, give a brief explanation of each journal entry. (Note: Failure to include an explanation for each Journal Entry will result in loss of points) Prepare the following financial statements: Income Statement; Statement of Retained Earnings; Balance Sheet. Use the appropriate format with the Name of the Company, Data and the Name of the Financial Statement on Each workpaper. b) Prepare an Income Statement for ABC Consulting c) Prepare the Closing Entries in order to prepare the Balance Sheet in the next step for ABC Consulting d) Prepare a Statement of Retained Earnings for the End of Year e) Prepare a Balance Sheet for ABC Consulting f) Analyze the Financial Statements and complete the answers on the Tab "Questions 1-20." Failure to answer the questions will result in a zero ) For 10 pts. Extra Credit, prepare a Cash Flow Statement - you will have to design the format on the blank sheet. Unadjusted Adjusted Accounts Adjustments ourn Trial Balance Trial Balance Debit Debit Credit Debit Credit 23,500 1,900 21,500 2,200 Accounts Receivable Allowance for Doubtful Accounts Prepaid Insurance 300 100 400 500 700 3,800 4,500 25,000 30,000 200 3,100 3,100 25,000 30,000 0 Inventory an Machines Accumulated Depreciation Trademarks Accounts Payable Wages Payable FICA Taxes Payable FUTA & SUTA Taxes Payable Federal & State Income Taxes Payable Unearned Revenue Common Stock Paid-in Capital Retained Earnin Dividends Service Revenue Cost of Goods Sold Wages Expense Bad Debt Expense Insurance Expense upplies Expense Payroll Tax Ex Impairment Loss for 12,000 3,500 15,500 50,000 48,500 3,000 2,247 436 5,000 436 435 6,700 24,000 60,000 15,000 6,500 24,000 60,000 15,000 4,800 4,800 35,500 500 36,000 1,400 16,900 500 500 700 284 1,400 2,900 400 500 700 284 14,000 100 1,500 1,500 Impairment Loss for Trademarks Debreciation Expense 1,500 1,500 3,500 CONTROL: Debits must equal Credits 158,300158,300 5,384 163,684163,684 5,384 INSTRUCTIONS: You may print the entire workbook and complete this project on paper or complete the project in Excel. You can use formulas if you want, etc. (a) Reconstruct the amount of the Adjusting Journal Entries (AJEs), above, assign a number to each AJE, and then prepare the tab "AJEs". On the AJE Tab, give a brief explanation of each journal entry. (Note: Failure to include an explanation for each Journal Entry will result in loss of points) Prepare the following financial statements: Income Statement; Statement of Retained Earnings; Balance Sheet. Use the appropriate format with the Name of the Company, Data and the Name of the Financial Statement on Each workpaper. b) Prepare an Income Statement for ABC Consulting c) Prepare the Closing Entries in order to prepare the Balance Sheet in the next step for ABC Consulting d) Prepare a Statement of Retained Earnings for the End of Year e) Prepare a Balance Sheet for ABC Consulting f) Analyze the Financial Statements and complete the answers on the Tab "Questions 1-20." Failure to answer the questions will result in a zero ) For 10 pts. Extra Credit, prepare a Cash Flow Statement - you will have to design the format on the blank sheet