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P4-16 Preparing Financial Statements

P4-16 Preparing Financial Statements
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ACCOUNTING

P4-16 PREPARING FINANCIAL STATEMENTS

ABC Inc has the following account balances at December 31, 2007.

accounts payable $17,080 income tax expense $1,300
accounts receivable 9,400 land 50,000
accumulated depreciation 26,100 notes payable 30,000
buildings 60,000 retained earnings
cash 20,880 December 31,2006 17,000
contributed capital 31,000 sales revenue 26,000
cost of goods sold 15.600 supplies 7,500
depreciation expense 2,200 wages expense 3,000
dividends paid 1,200 wages payable 23,900

During the year 2007, the company issued $6000 of new common stock

From this information, prepare (A) an income statement, (B) a statement of stockholders’ equity, and (C) a classified balance sheet. (D) Show how the three financial statements articulate. (Note: In parts (A), (B), and (C), include appropriate headings and subheadings in the financial statements that you prepare)

 

FILE: MS WORD

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