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Prepare the ABC Corporation Balance Sheet for the year ended December 31, 2016 ABC Corporation Adjusted...

Prepare the ABC Corporation Balance Sheet for the year ended December 31, 2016

ABC Corporation
Adjusted Trial Balance
December 31, 2016
Debit Credit
Cash $          875,444
Accounts receivable              442,120
Allowance for doubtful accounts               75,000
Inventory                70,000
Allowance to Reduce Inventory to NRV               16,000
Purchases                        -
Prepaid insurance                  4,500
Land                88,000
Building                37,500
Accumulated depreciation: building                 1,265
Equipment                21,600
Accumulated depreciation: equipment                 9,900
Patent                45,000
Accounts payable               88,851
Notes payable               40,000
Income taxes payable             111,931
Interest Payable               35,300
Unearned rent revenue                 9,000
Bonds Payable             700,000
Premium on Bonds Payable               52,045
Wages Payable                 4,000
Common stock             135,000
PIC In Excess of Par-Common Stock             130,000
Retained earnings                       -
Treasury stock                10,000
Dividends                28,000
Sales Revenue             790,000
Rent Revenue                 4,500
Advertising expense                  9,240
Wages expense                66,150
Office expense                28,500
Depreciation expense                11,165
Utilities expense                33,571
Interest Expense                    300
Bond Interest Expense                30,271
Insurance expense                22,500
Impairment Loss Expense                  5,000
Loss expense due to reduction                16,000
Income taxes expense              111,931
Bad Debt Expense                75,000
Cost od Goods Sold              177,000
Paid in Capital Treasury Stock                 6,000
           2,208,792           2,208,792

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