In: Accounting
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 |