1. Prepare a classified income statement. Supplies is a sales expense. January 1 inventory was $219,115.
2. Prepare a statement of retained earnings
3. Prepare a classified balance sheet
4. Prepare closing journal entries
Baltimore Glass Company
Trial Balance
42369
Acct.
No.	Account Title	Debit	Credit
101	Cash	88450
110	Accounts Receivable	195613
120	Merchandise Inventory	254500
125	Supplies on Hand	2000
130	Prepaid Insurance	3000
131	Prepaid Rent	7500
150	Equipment	175285
160	Accumulated Depreciation		36260
202	Accounts Payable		107955
210	Wages Payable		7000
301	Capital Stock		220000
302	Retained Earnings, January 1		211144
401	Sales		998250
405	Sales Returns and Allowances	5145
410	Interest Income		1500
500	Purchases	598030
501	Purchases Discounts		4080
502	Purchases Returns and Allowances		1200
505	Freight In	4580
520	Advertising Expense	1000
530	Sales Salaries Expense	91600
532	Supplies Expense	1252
540	Office Salaries Expense	128500
550	Utilities Expense	8594
555	Insurance Expense	500
560	Professional Fees Expense	3000
570	Depreciation Expense	12000
580	Interest Expense	6840
		1587389	1587389