#5 X-CORPORATION Pre-Closing Trial Balance For the period ended December 31st, 2015 Titles of Accounts Dr. Cr. Cash 125,000 Accounts Receivable 80,000 Merchandise (1-1-2015) 15,000 Prepaid Insurance 15,000 Office supplies 12,000 Office Equipment 500,000 Accumulated Dep. (Machinery) 180,000 Office Furniture 215,000 Accounts Payable 25,000 10% Notes Payable 90,000 15% Bonds Payable Paid up Capital Retain Earnings Purchases Transportation-in Sales Return Rent Expenses Salaries Expenses Advertising Expenses 100,000 175,000 60,000 325,000 13,000 7,000 16,000 22,000 30,000 Sales Purchases Return TOTAL 725,000 20,000 1,375,000 1,375,000 DATA FOR ADJUSTMENT AT DEC. 31ST, 2015 (i) Merchandise (31-12-2015) Rs, 25000 (II) Rent outstanding Rs. 4,000 (iii) Insurance expired for the year Rs. 8,000 (iv) Actual salaries expired during the period Rs. 13,000 (v) Advertising unexpired during the year Rs. 5,000 (vi) Office supplies unused amounted to Rs. 7,000 (vii) Accrued interest on bonds and notes payable (viii) Declared 10% Cash Dividend on paid up capital (ix) 40% corporate tax Required: a. Income statement b. Statement of Retain Earnings c. Statement of Financial Position