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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	$ 1,200
Accounts Receivable	$ 3,500
Accumulated Depreciation - Machinery and Equipment	$ (1,625)
Accumulated Depreciation - Office Equipment	$ (1,400)
Cash	$ 10,400
Common Stock	$ 10,000
Cost of Goods Sold	$ 60,000
Depreciation Expense	$ 3,025
Interest Expense	$ 640
Interest Payable	$ 640
Inventory	$ 7,500
Machinery and Equipment	$ 13,000
Marketing Expense	$ 3,000
Notes Payable	$ 8,000
Office Equipment	$ 4,200
Retained Earnings	$ -
Salaries Expense	$ 22,000
Salaries Payable	$ 600
Sales Revenue	$ 125,000
Supplies	$ 1,000
Supplies Expense	$ 8,200
Utilities Expense	$ 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.

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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