Prepare a Classified balance sheet and multistep income statement

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Business Finance

AMP 415

Description

Using Excel, prepare a classified balance sheet and multistep income statement using the adjusted trial balance for ABC Corporation as of and for the year ended December 31, 2018.

Use the "AMP-415-ABC Corporation Student Worksheet" attachment to complete this assignment.

APA style is not required, but solid academic writing is expected.

This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.

ABC Corporation Balance Sheet and Income Statement

1
Unsatisfactory
0.00%

2
Less than Satisfactory
65.00%

3
Satisfactory
75.00%

4
Good
85.00%

5
Excellent
100.00%

100.0 %Content

50.0 %Balance Sheet

Balance sheet is not included.

Balance sheet is incomplete or incorrect.

Balance sheet is included but contains multiple errors and demonstrates lack of basic understanding of concepts.

Balance sheet is complete and contains minimal errors. Clear understanding of course content is demonstrated.

Balance sheet is complete and correct, demonstrating superior understanding of concepts and providing explanatory support data and figures.

50.0 %Income Statement

Income statement is not included.

Income statement is incomplete or incorrect.

Income statement is included but contains multiple errors and demonstrates lack of basic understanding of concepts.

Income statement is complete and contains minimal errors. Clear understanding of course content is demonstrated.

Income statement is complete and correct, demonstrating superior understanding of concepts and providing explanatory support data and figures.

100 %Total Weightage

Unformatted Attachment Preview

The ABC Corporation is in its first year of operations, and has the following adjusted trial balance, as of December 31, 2018. ABC Corporation is a t-shirt manufacturer that leases a multi-use space for all of its needs. Accounts Payable Accounts Receivable Accumulated Depreciation - Machinery and Equipment Accumulated Depreciation - Office Equipment Cash Common Stock Cost of Goods Sold Depreciation Expense Interest Expense Interest Payable Inventory Machinery and Equipment Marketing Expense Notes Payable Office Equipment Retained Earnings Salaries Expense Salaries Payable Sales Revenue Supplies Supplies Expense Utilities Expense $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 1.200 3.500 (1.625) (1.400) 10.400 10.000 60.000 3.025 640 640 7.500 13.000 3.000 8.000 4.200 22.000 600 125.000 1.000 8.200 12.000 Prepare a multi-step income statement for the year ended December 31, 2018 for ABC Corporation. Prepare a classified balance sheet as of December 31, 2019 for ABC Corporation. Comment on the financial results for this company. s of December 31, 2018. ABC Corporation Income Statement For the Year Ended December 31, 2018 Less: Gross Profit Less Operating Expenses: Income from Operations Less Other Expenses: Net Income (Loss) Student, fill in all of the highlighted spaces. ABC Corporation Balance Sheet As of December 31, 2018 Assets Current Assets: Total Current Assets Long-Term Assets: Total Assets Liabilities and Stockholders Equity Current Liabilities: Long-Term Liabilities: Total Liabilities: Stockholder's Equity: Total Liabilities and Stockholder's Equity Student, fill in all of the highlighted spaces.
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Explanation & Answer

Attached.

The ABC Corporation is in its first year of operations, and has the following adjusted trial balance, as of December 31, 2018.
ABC Corporation is a t-shirt manufacturer that leases a multi-use space for all of its needs.

Accounts Payable
Accounts Receivable
Accumulated Depreciation - Machinery and Equipment
Accumulated Depreciation - Office Equipment
Cash
Common Stock
Cost of Goods Sold
Depreciation Expense
Interest Expense
Interest Payable
Inventor...


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