Jordan Sales Company (organized as a corporation on April 1, 2017) has completed the accounting cycle for the second year, ended March 31, 2019. Jordan also has completed a correct trial balance as follows:

Required:Complete the financial statements as follows:Classified (multiple-step) income statement for the reporting year ended March 31, 2019. 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, and Net Income, and show EPS.

Classified balance sheet at the end of the reporting year, March 31, 2019.

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):

Assets ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? Stockholders? EquityCurrent assets ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? Contributed capitalNoncurrent assets ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?Retained earnings

LiabilitiesCurrent liabilitiesLong-term liabilities

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JORDAN SALES COMPANY Trial Balance At March 31, 2019 Account Titles Debit Credit Cash 58,000 Accounts receivable 49,000 Office supplies inventory 1,000 Automobiles (company cars) 34,000 Accumulated depreciation, automobiles 14,000 Office equipment 3,000 Accumulated depreciation, office equipment 1,000 Accounts payable 22,000 Income taxes payable Salaries and commissions payable 2,000 %24 Note payable, long-term 33,000 Capital stock (par $1; 33,000 shares) 33,000 Paid-in capital 5,000 Retained earnings (on April 1, 2018) 7,500 Dividends declared and paid during the current 10,500 year Sales revenue 99,000 Cost of goods sold 33,000 Operating expenses (detail omitted to conserve time) 19,000 Depreciation expense (on autos and including $500 on office equipment) 8,000 Interest expense 1,000 Income tax expense (not yet computed) Totals $216,500 $216,500