Prepare a classified balance sheet and multistep income statement using the Adju

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 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
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

Explanation / Answer

Income Statement

Balance Sheet

Sales 225000 less Cost of goods sold 72000 Gross profit 153000 less operating expense depreciation 10500 Insurance 6000 Rent 18000 salary 45000 Supplies 750 Utility expense 4800 85050 Operating profit 67950 Interest expense 1200 Interest Income 500 Dividends 5000 Net profit 62250

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---