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I have uploaded the problem in question. Thank you in advance. ABC Corp.xls Read ALL instructions before getting started! ABC Corporation is a new company that buys and sells office supplies. Business began on January 1, 2012. Given on the first two tabs are ABC’s 12/31/12 Unadjusted Trial Balance and a list of needed adjustments. 1. Make all 14 adjustments on the "Adjusting Journal Entries" tab. Remember to include a description under each journal e 2. Post the adjustments to the general ledger on the "12­31­12 T­Accounts" tab. You may have to add T­Accounts for new Link your T­Account entries to your Journal Entries. 3. Once the 12/31/12 T­Accounts are complete, prepare the Adjusted Trial Balance. There may be some accounts with zer may have to insert lines for new accounts. Link the Adjusted Trial Balance to your T­Accounts. 4. Use the Adjusted Trial Balance numbers to complete the Income Statement, Statement of Retained Earnings, Balance Sh For purposes of the Income Statement, prepare using the multiple step format and assume that Rent Revenue, any Unrea Interest Expense, Interest Revenue, and any other Gains/Losses are NOT part of the major central ongoing operations of Link your financial statements to your Adjusted Trial Balance. Use the Income Statement and Balance Sheet to finish th of Cash Flows. Since this is ABC’s first year of operations, several line items on the Statement of Cash Flows have alrea If necessary, review financial statement preparation in Chapters 4 and 5 of your textbook for a quick refresher. Plan on completing Chapter 23 to help with the preparation of the Statement of Cash Flows. Additionally, since this is ABC Cor the adjusted trial balance for all current assets and liabilities represents the change during the year for Statement of Cash 5. When the Financial Statements are complete, make the closing entries on the "Closing Entries" tab. 6. When closing entries have been made, post the entries to the general ledger on the "After­Close T­Accounts" tab. Make journal entries are also on your After­Close T­Accounts. They will not automatically flow from tab­to­tab. 7. The final step is the Post­Closing Trial Balance, which will use the ending balances from the 1/1/13 T­Accounts. 8. Double­check your work. Here are a few things to check for: ­Adjusted Trial Balance: Make sure debit column and credit column total to the same figure at the bottom. ­Net income from the income statement will flow through to the Statement of Retained Earnings. ­Ending Retained Earnings from the Statement of Retained Earnings will flow through to the Balance Sheet. ­Ending Cash balance from the Balance Sheet should match your ending Cash balance on the Statement of Cash F ­The Post­Closing Trial Balance should not have any revenue, expense, gain, or loss accounts. ­Check figure 1: Gross profit = $372,450. ­Check figure 2: Income before income taxes = $221,647. ­Check figure 3: Total Assets = $919,651. ­Check figure 4: Cash flow provided by operating activities = $31,340. ­Check figure 5: Adjusted Trial Balance debit and credit columns total $1,514,325. ­Remember: Neatness matters in Financial Statements. Print or Print Preview before submitting to make sure you Otherwise, management may send back to you for revision! ­Include your work at the bottom of each tab as needed. ­Ask questions prior to the day/night before the due date. The due date is clearly indicated on thecourse schedule. ­Utilize formulas and worksheet linkings in your financial statements to improve accuracy and save time in compl ­Please take advantage of Excel by using formulas to calculate groups of numbers (i.e. "Total Liabilities and Stock l comments: This project is intended to make sure that you understand the accounting cycle as well as several key financial during your Intermediate Accounting series. It is very important to take the necessary time on this project

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