Write a statement of cash flows using the information below.

Balance Sheet (or Statement of Financial Condition) Assets S 21,500 2,200 (500) 200 3,100 3,100 Cash Accounts Reccivable Allowance for Doubtful Accounts Prepaid Insurance Supplics Inventory Total Current Assets Property, Plant, and Equipment 29,600 25,000 30,000 (15,500) 14,500 land Machines Iccumulated Depreciation Book Valuc 39,500 Total Porperty, Plant, and Equipment: Intangible Assets: 48,500 48,500 117,600 Trademark Total Intangible Assets: Total Assets Liabilities Current Liabilities: 3,000 2,247 436 Accounts Payable Wages Payable FICA Taxes Payable FUTA and SUTA .laxes Payable Federal and State Income 435 6,500 12.684 Taxes Payable Uncarned Revenuc Total Current liabilities: Stockholder's Equity 24,000 60,000 Common Stock Paid in Capital Retained Earnings 20916 104016 lotal Stockholder's Equity Total Liabilities and 117,600 Stockholder's Equity: points AJE Unadjusted Trial Balance Debit Credit Adjustecd Accounts Adjustments Journal Trial Balance Entry #s ebit Credit Debit Credit 2,000 Accounts Receivable Allowance for Doubtful 2,200 500 400 Prepaid Insurance Inventorv 4,500 25,000 30,000 1,400 25,000 30,000 Accumulated Depreciation 15,500 Trademarks 50,000 48,500 Accounts Pavable 5,000 2,000 Wages Payable FICA Taxes Payable FUTA & SUTA Taxes Payable Federal & State Income Taxes Payable Unearned Revenue Common Stock Paid-in Capital Retained Earnings Dividends Service Revenue Cost of Goods Sold 2,247 435 6,500 6,700 24,000 24,000 15,000 36,000 15,000 4,800 14,0 16,900 500 Bad Debt Expense nsurance Expense Supplies Expense Payroll Tax Expense 700 284 Impairment Loss for 1,500 Trademarks Depreciation Expense CONTROL: Debits must equal Credits 13,684 13,684 158,3001 158,300 163,684163,684 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 cach 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. g) For 10 pts. Extra Credit, prepare a Cash Flow Statement - you will have to design the format on s: and then alculate Stockholders' Hquit Statement of Retained Earnings lor the Year linded December 31, 201x Retained Earnings January 1, 201X 15,000 Net Income 10,716 Dividends Change in Retained Earnngs Retained Earnings December 31, 201X 4,800 5,916 20,916 Income Statement For the Ycar Ended December 31, 201X 36,000 1,400 Service Revenue Cost of Goods Sold Gross Profit Operating Expenses: 34,600 Selling Expenses: Wages Expense Bad Debt Expense Depreciation Expense Supplies Expense Payroll Tax Expense 16,900 500 3,500 700 284 Impairment Loss for Trademark 1,500 Total Selling Expenses: Administrative Expenses: 23,384 500 500 23,884 10,716 Insurance Expense Total Administrative Expenses: Total Operating Expenses: Net Income 0.25 Earnings Per Share S Balance Sheet (or Statement of Financial Condition) Assets S 21,500 2,200 (500) 200 3,100 3,100 Cash Accounts Reccivable Allowance for Doubtful Accounts Prepaid Insurance Supplics Inventory Total Current Assets Property, Plant, and Equipment 29,600 25,000 30,000 (15,500) 14,500 land Machines Iccumulated Depreciation Book Valuc 39,500 Total Porperty, Plant, and Equipment: Intangible Assets: 48,500 48,500 117,600 Trademark Total Intangible Assets: Total Assets Liabilities Current Liabilities: 3,000 2,247 436 Accounts Payable Wages Payable FICA Taxes Payable FUTA and SUTA .laxes Payable Federal and State Income 435 6,500 12.684 Taxes Payable Uncarned Revenuc Total Current liabilities: Stockholder's Equity 24,000 60,000 Common Stock Paid in Capital Retained Earnings 20916 104016 lotal Stockholder's Equity Total Liabilities and 117,600 Stockholder's Equity: points AJE Unadjusted Trial Balance Debit Credit Adjustecd Accounts Adjustments Journal Trial Balance Entry #s ebit Credit Debit Credit 2,000 Accounts Receivable Allowance for Doubtful 2,200 500 400 Prepaid Insurance Inventorv 4,500 25,000 30,000 1,400 25,000 30,000 Accumulated Depreciation 15,500 Trademarks 50,000 48,500 Accounts Pavable 5,000 2,000 Wages Payable FICA Taxes Payable FUTA & SUTA Taxes Payable Federal & State Income Taxes Payable Unearned Revenue Common Stock Paid-in Capital Retained Earnings Dividends Service Revenue Cost of Goods Sold 2,247 435 6,500 6,700 24,000 24,000 15,000 36,000 15,000 4,800 14,0 16,900 500 Bad Debt Expense nsurance Expense Supplies Expense Payroll Tax Expense 700 284 Impairment Loss for 1,500 Trademarks Depreciation Expense CONTROL: Debits must equal Credits 13,684 13,684 158,3001 158,300 163,684163,684 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 cach 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. g) For 10 pts. Extra Credit, prepare a Cash Flow Statement - you will have to design the format on s: and then alculate Stockholders' Hquit Statement of Retained Earnings lor the Year linded December 31, 201x Retained Earnings January 1, 201X 15,000 Net Income 10,716 Dividends Change in Retained Earnngs Retained Earnings December 31, 201X 4,800 5,916 20,916 Income Statement For the Ycar Ended December 31, 201X 36,000 1,400 Service Revenue Cost of Goods Sold Gross Profit Operating Expenses: 34,600 Selling Expenses: Wages Expense Bad Debt Expense Depreciation Expense Supplies Expense Payroll Tax Expense 16,900 500 3,500 700 284 Impairment Loss for Trademark 1,500 Total Selling Expenses: Administrative Expenses: 23,384 500 500 23,884 10,716 Insurance Expense Total Administrative Expenses: Total Operating Expenses: Net Income 0.25 Earnings Per Share S