Prepare a classified balance sheet and multistep income statement using the Adjusted Trial Balance for ABC Corporation as of and for the year ended December 31, 2010.

Debits Credits

Accounts Payable 11,000

Accounts Receiveable 8,000

Accumulated Depreciation- Buildings 60,000

Accumulated Depreciation= Equipment 5,000

Additional Paid-in Capital 5,000

Allowance for Doubtful Accounts 1,200

Bonds Payable 25,000

Buildings 180,000

Cash 14,000

Common Stock 10,000

Cost of Goods Sold 72,000

Depreciation Expense 10,500

Dividends 5,000

Equipment 15,000

Insurance Expense 6,000

Interest Expense 1,200

Interest Revenue 500

Inventory 5,000

Notes Payble (due 2013) 15,000

Patents 3,000

Prepaid Expenses 3,000

Rent Expense 18,000

Retained Earnings 32,150

Salaries Expense 45,000

Sales 225,000

Supplies 750

Unearned Revenues 400

Utilities Expense 4,800

= 390,250 = 390,250