Question

Prepare the income statement ABC Corporation Adjusted Trial Balance December 31, 2014 Debit Credit Cash $                ...

Prepare the income statement

ABC Corporation
Adjusted Trial Balance
December 31, 2014
Debit Credit
Cash $                 650,729
Short term investments                     167,000
Fair value adjustment (Trading)                         8,000
Accounts receivable                     200,200
Allowance for doubtful accounts $                25,000
Inventory                       75,000
Purchases                               -
Prepaid insurance                       16,400
LT (Debt) investments (HTM)                     177,824
Land                       75,000
Building                     150,000
Accumulated depreciation: building                     4,400
Equipment                       60,000
Accumulated depreciation: equipment                   22,000
Patent                       27,500
Accounts payable                   75,240
Notes payable                  235,000
Income taxes payable                   69,600
Unearned rent revenue                   24,000
Bonds Payable                  800,000
Premium on Bonds Payable                   56,860
Common stock                  104,000
PIC In Excess of Par-Common Stock                   40,000
Retained earnings                            -
Treasury stock                               -
Dividends                       41,000
Sales Revenue                  802,845
Advertising expense                         8,400
Wages expense                       80,350
Office expense                       21,700
Depreciation expense                       26,400
Utilities expense                       31,000
Insurance expense                       82,000
Income taxes expense                       69,600
Rent Revenue                   12,000
Wages Payable                   12,750
Interest Expense                         1,175
Interest Payable                   49,175
Impairment Loss Expense                       10,000
Investment in Bonds                         3,561
Unrealized gain/loss Income                     8,000
Bond Interest Expense                       43,089
Interest Revenue                   19,561
Paid in Capitol Treasury Stock                   21,000
Bad Debt Expense                       25,000
Delievery Truck                       39,815
Capital Lease Liability - Delievery Truck                   29,312
Lease Interest Expense                         2,540
Lease Interest Expense Payable                     2,540
Pension Expense                       40,000
Pension Asset/Liability                       50,000
Other Comprehensive Income                   55,000
Deferred Compensation                       10,000
Cost of Goods Sold                     275,000
$               2,468,283 $           2,468,283
Business   Accounting   
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Answer #1
ABC Corporation
Income Statement
For the Year ended December 31, 2014
Sales Revenue 802,845
Less: Cost of Goods Sold 275,000
Gross Profit 527,845
Operating Expenses:
Advertising expense 8,400
Wages expense 80,350
Office expense 21,700
Depreciation expense 26,400
Utilities expense 31,000
Bad Debt Expense 25,000
Lease Interest Expense 2,540
Pension Expense 40,000
Insurance expense 82,000
Income taxes expense 69,600
Total Operating Expenses -386,990
Operating Profit 140,855
Other Income & expenses
Rent Revenue 12,000
Interest Expense -1,175
Impairment Loss Expense -10,000
Unrealized gain/loss Income 8,000
Bond Interest Expense -43,089
Interest Revenue 19,561
Total Other Income & expense -14,703
Net Income 126,152
Other Comprehensive Income 55,000
Comprehensive Income 181,152
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