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Complete a Balance Sheet ABC Corporation Income Statement For the Year Ended December 31, 2014 Sales...

Complete a Balance Sheet

ABC Corporation

Income Statement
For the Year Ended December 31, 2014
Sales Revenue    792,845
Less: Operating Expenses
Wages Expense         80,350
Office Expense         21,700
Utilities Expense         31,000
Advertising Expense $       8,400
Insurance Expense         82,000
Employee Compensation Expense         10,000
Bad Debt Expense         25,000
Pension Expense         40,000
Depreciation Expense         33,759
Total Operating Expenses    332,209
Income from Operations    460,636
Other Revenue/Expenses
Rent Revenue         12,000
Interest Income         19,561
Interest Expense          (1,175)     30,386
Income before Taxes    491,021
Income Tax Expense    (63,800)
Net Income    427,221
ABC Corporation
Adjusted Trial Balance
December 31, 2014
Debit Credit
Accounts Payable $           65,340
Accounts Receivable              190,300
Accumulated Depreciation: Building $             5,400
Accumulated Depreciation: Equipment               29,359
Accumulated Other Comprehensive Income               15,000
Additional Paid in Capital - Treasury Stock               21,000
Advertising Expense                  8,400
Allowance for Doubtful Accounts               25,000
Bad Debt Expense                25,000
Bonds Interest Expense                43,088
Bonds Payable           1,600,000
Building              150,000
Cash            1,270,676
Common Stock             101,000
Depreciation Expense                33,759
Dividends                41,000
Employee Compensation Expense                10,000
Employee Stock Option Outstanding Account               10,000
Equipment                50,000
Fair value adjustment (Trading)                 (8,000)
Income Taxes Expense                63,800
Income Taxes Payable               63,800
Insurance Expense                82,000
Interest Expense                  1,175
Interest Income               19,561
Interest Receivable                16,000
Inventory                        -
Investment in Bonds of Intuit Corp              200,000
Investment in Bonds of Intuit Corp - Discount               18,615
Land                75,000
Lease Equipment                43,796
Lease Liability               33,293
LT (Debt) Investments (HTM)              177,824
Notes Payable             236,175
Office Expense                21,700
Patent                37,500
Pension Expense                40,000
Pension-Related Asset                10,000
PIC in Excess of Par - Common Stock               33,000
Premium on Bonds Payable             118,630
Prepaid Insurance                17,400
Purchases              350,000
Rent Revenue               12,000
Retained Earnings                       -
Sales Revenue             792,845
Short-term Investments              167,000
Treasury Stock                        -
Unearned Rent Revenue               24,000
Unrealized Holding Gains and Losses                  8,000
Utilities Expense                31,000
Wages Expense                80,350
Wages Payable $           12,750
Total $        3,236,768 $       3,236,768
ABC Corporation
Statement of Retained Earnings
For the Year Ended December 31, 2014
Beginning Balance
Add: Net Income $           427,221
Less: Dividends                41,000
Ending Balance $           386,221

Solutions

Expert Solution

ABC Corporation
Balance Sheet
As of December 31, 2014
Amount
Assets
Current Assets:
Cash $1,270,676
Accounts Receivables $190,300
Less: Allowance for Doubtful debts ($25,000) $165,300
Interest receivable $16,000
Prepaid Insurance $17,400
Short term investments $167,000
Total Current Assets $1,636,376
Long term Investments:
Investment in Bonds of Intuit Corp $200,000
Less: Investment in Bonds of Intuit Corp-Discount ($18,615) $181,385
LT (debt) Investments (HTM) $177,824 $359,209
Property, Plant and Equipment:
Building $150,000
Less: Accumulated Depreciation-building ($5,400) $144,600
Equipment $50,000
Less: Accumulated Depreciation-equipment ($29,359) $20,641
Land $75,000
Lease Equipment $43,796 $284,037
Patent $37,500
Pension related Asset $10,000
Total Assets $2,327,122
Liabilities and Stockholder's Equity
Current Liabilities:
Accounts payable $65,340
Income tax payable $63,800
Unearned Rent revenue $24,000
Wages payable $12,750
Total Current Liabilities $165,890
Long term Liabilities:
Bonds Payable $1,600,000
Add: Premium on bonds payable $118,630 $1,718,630
Lease liability 33293
Notes payable 236175
Total Long term Liabilities $1,988,098
Stockholder's Equity
Common Stock 101000
PIC in excess of Par-Common Stock 33000
Additional paid in capital-Treasury stock 21000
Retained Earnings -6866
Accumulated Other comprehensive income 15000
Employee stock option outstanding 10000
Total Stockholder's Equity 173134
Total Liabilities and Stockholder's Equity $2,327,122
Note:
Purchases $350,000
Bonds Interest expense $43,088
Total $393,088
Need to be debited to Income statement, thus profit for the year will be
Net Profit $427,222
Less:Adjustment $393,088
Net Profit after adjustment $34,134
Less: Dividends $41,000
Ending Retained Earnings ($6,866)

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