40% tax rate

P5-6 Preparing Both an Income Statement and a Balance Sheet from a Trial Balance LO5-3 The following information applies to the questlons displayed below Jordan Sales Company (organized as a corporation on April 1, 2014) has completed the accounting cycle for the second year, ended March 31, 2016. Jordan also has completed a correct trial balance as follows: JORDAN SALES COMPANY Trial Balance At March 31, 2016 Account Tities Debit Credit $ 58,800 49,500 1,800 34,500 Cash Accounts receivable Office supplies inventory Automobiles (company cars) Accumulated depreclation, automobiles Office equipment Accumulated depreciation, office equipment Accounts payable Income taxes payable Salaries and commissions payable Note payable, long-term Capital stock (par $1;32,900 shares) Paid-in capital Retained earnings (on April 1, 2015) Dividends declared and paid during the current year Sales revenue Cost of goods sold Operating expenses (detail omitted to conserve time) Depreciation expense (on autos and including $600 on office equipment) Interest expense Income tax expense (not yet computed) Totals $ 14,000 3,700 900 21,900 1,200 32,100 32,900 4,900 7,300 11,000 104,500 32,300 18,800 8,000 1,300 $ 219,700 219,700