Jordan Sales Company (organized as a corporation on April 1, 2021) has completed the accounting cycle for the second year, ended March 31, 2023. Jordan also has completed a correct trial balance as follows:

Required:
Complete the financial statements as follows:
a. Classified (multiple-step) income statement for the reporting year ended March 31, 2023. Include income tax expense, assuming a 25 percent tax rate. Use the following subtotals: Gross Profit, Total Operating Expenses, Income from Operations, Income before Income Taxes, Net Income, and EPS.
b. Classified balance sheet at the end of the reporting year, March 31, 2023. Include (1) income taxes for the current year in Income Taxes Payable and (2) dividends in Retained Earnings. Use the following captions (list each item under these captions):

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JORDAN SALES COMPANY Trial Balance At March 31, 2023 1 2 3 Account Titles 4 Cash 5 Accounts receivable 6 Office supplies inventory 7 Automobiles (company cars) 8 Accumulated depreciation, automobiles 9 Office equipment 10 Accumulated depreciation, office equipment 11 Accounts payable 12 Income taxes payable 13 Salaries and commissions payable 14 Note payable, long-term 15 Capital stock (par $1; 33,000 shares) 16 Paid-in capital 17 Retained earnings (on April 1, 2022) 18 Dividends declared and paid during the current year 19 Sales revenue 20 Cost of goods sold 21 Operating expenses (detail omitted to conserve time) 22 Depreciation expense (on autos and including $500 on office equipment) 23 Interest expense 24 Income tax expense (not yet computed) 25 Total Debit Credit $58,000 49,000 1,000 34,000 3,000 10,500 33,000 19,000 8,000 1,000 $14,000 1,000 22,000 0 2,000 33,000 33,000 5,000 7,500 99,000 $216,500 $216,500