Refer to the Excel spreadsheet, containing a trial balance for ABC Company. 

Refer to the Excel spreadsheet, containing a trial balance for ABC Company.  A trial balance is a listing of all accounts and their balances, after any necessary adjustments, and before the closing of the revenue and expense accounts.   BG 615 Exercises on Accounting Fundamentals – Fall, 2008   Refer to the Excel spreadsheet, containing a trial balance for ABC Company.  A trial balance is a listing of all accounts and their balances, after any necessary adjustments, and before the closing of the revenue and expense accounts.  Using this information, prepare a balance sheet as of December 31, 2008, and an income statement for the year ended on that date.   Refer to your solution to part 1 in answering the following questions.   Is ABC Company an incorporated entity?  How can you tell?   Does ABC Company use the accrual method of accounting?  How can you tell?   Why is the amount of Retained Earnings in the balance sheet different from the amount in the trial balance?   Is the equipment relatively old or new?  How can you tell?   The principal amount of the note payable has not changed during the year.  If simple interest is paid once every twelve months, what is the approximate date on which interest is paid?  What is the effective interest rate on the note?

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