Question: 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
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
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