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Read ALL instructions before getting started! ABC Corporation is a new company that buys and sells office supplies. Business began on January 1,...
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Comprehensive Problem.  I have attached the excel file.

Read ALL instructions before getting started! ABC Corporation is a new company that buys and sells ofce supplies. Business began on January 1, 2014. Given on the Frst two tabs are ABC's 12/31/14 Unadjusted Trial Balance and a list o± needed adjustments. 1. Make all 16 adjustments on the "Adjusting Journal Entries" tab. Remember to include a description under each journal entry. 2. Post the adjustments to the general ledger on the "12-31-14 T-Accounts" tab. You may have to add T-Accounts ±or new accounts. Link your T-Account entries to your Journal Entries. PLEASE NOTE THAT THE "BB" (BEGINNING BALANCES) ²OR THE T-ACCOUNTS REPRESENT THE UNADJUSTED BALANCES AS O² 12/31/14. 3. Once the 12/31/14 T-Accounts are complete, prepare the Adjusted Trial Balance. There may be some accounts with zero dollars, and you may have to insert lines ±or new accounts (some blank T-Accounts have already been provided ±or you). Link the Adjusted Trial Balance to your T-Accounts. 4. Use the Adjusted Trial Balance numbers to complete the Income Statement, Statement o± Retained Earnings, Balance Sheet, and Statement o± Cash ²lows. Interest Expense, Interest Revenue, and any other Gains/Losses are NOT part o± the major central ongoing operations o± the company. Link your Fnancial statements to your Adjusted Trial Balance. Use the Income Statement and Balance Sheet to Fnish the partially completed Statement I± necessary, review Fnancial statement preparation in Chapters 4 and 5 o± your textbook ±or a quick re±resher. Plan on using your knowledge gained in 5. When the ²inancial Statements are complete, make the closing entries on the "Closing Entries" tab being mind±ul o± the ±our closing entries you've learned. 6. When closing entries have been made, post the entries to the general ledger on the "Post-Close T-Accounts" tab. Make sure your adjusting journal entries are also posted on your Post-Close T-Accounts. They will not automatically ³ow ±rom tab-to-tab. Suggestion: As an alternative, a±ter you've Fnished posting your adjusting journal entries to the accounts in the "12-31-14 T Accounts" tab, make a duplicate o± this worksheet to use ±or posting your closing entries and then just relabel the tab as "Post-Close T-Accounts." Just be sure to delete the original "Post-Close T-Accounts" tab already in the workbook be±ore you do this since you can't have two worksheets with the same name. 7. The Fnal step is the Post-Closing Trial Balance, which will use the ending balances ±rom the 1/1/15 T-Accounts. 8. Double-check your work. Here are a ±ew things to check ±or: -Adjusted Trial Balance: Make sure debit column and credit column total to the same Fgure at the bottom. -Net income ±rom the income statement will ³ow through to the Statement o± Retained Earnings. -Ending Retained Earnings ±rom the Statement o± Retained Earnings will ³ow through to the Balance Sheet. -Ending Cash balance ±rom the Balance Sheet should match your ending Cash balance on the Statement o± Cash ²lows. -The Post-Closing Trial Balance should not have any revenue, expense, gain, loss, or other temporary accounts. -Check Fgure 1: Income ±rom operations = $236,536. -Check Fgure 2: Total Current Assets = $1,250,380. -Check Fgure 3: Total Liabilities & Stockholders' Equity = $1,758,834. -Check Fgure 4: Cash ³ow provided by operating activities = $134,285. -Check Fgure 5: Adjusted Trial Balance debit and credit columns total $2,590,686. -Check Fgure 6: Cash ³ow provided by Fnancing activities $1,292,929. -Remember: Neatness matters in ²inancial Statements. Print or Print Preview be±ore submitting to make sure your statements are neat. Otherwise, management may send back to you ±or revision! -Include your work at the bottom o± each tab as needed. -Ask questions prior to the day/night be±ore the due date. The due date is clearly indicated on the course schedule. -Utilize ±ormulas and worksheet linkings in your Fnancial statements to improve accuracy and save time in completing the assignment. -Please take advantage o± Excel by using ±ormulas to calculate groups o± numbers (i.e. "Total Liabilities and Stockholders' Equity"). roject is intended to make sure that you understand the accounting cycle as well as several key fnancial accounting transactions that you have ediate Accounting series. It is very important to take the necessary time on this project to master these concepts. The concepts mastered in this comprehensive problem will serve you well in Advanced Accounting and the rest o± your accounting curriculum. ²or purposes o± the Income Statement, prepare using the multiple step format and assume that Rent Revenue, any Unrealized Holding Gains/Losses, o± Cash ²lows. Since this is ABC's Frst year of operations, several line items on the Statement of Cash ±lows have already been supplied to you . completing Chapter 23 to help with the preparation o± the Statement o± Cash ²lows. Additionally, since this is ABC Corporation's Frst year of operations, the adjusted trial balance for all current assets and liabilities represents the change during the year for Statement of Cash ±lows analysis purposes.
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ABC Corporation Unadjusted Trial Balance December 31, 2014 Debit Credit Cash $ 694,083 Short term investments 167,000 Fair value adjustment (Trading) - Accounts receivable 200,200 Allowance for doubtful accounts $ - Inventory - Purchases 332,700 Prepaid insurance 24,600 LT (Debt) investments (HTM) 168,934 Land 75,000 Building 150,000 Accumulated depreciation: building 4,000 Equipment 60,000 Accumulated depreciation: equipment 20,000 Patent 37,500 Accounts payable 75,240 Notes payable 235,000 Income taxes payable 63,800 Unearned rent revenue 36,000 Bonds Payable 800,000 Premium on Bonds Payable 154,432 Common stock 86,000 PIC In Excess of Par-Common Stock 13,000 Retained earnings - Treasury stock 49,000 Dividends 41,000 Sales Revenue 802,845 Advertising expense 8,400 Wages expense 67,600 O±ce expense 21,700 Depreciation expense 24,000 Utilities expense 31,000 Insurance expense 73,800 Income taxes expense 63,800 ### ###
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Subject: Accounting, Business

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