Account Titles	Debit		Credit
Cash	$	59,000
Accounts receivable		49,200
Office supplies inventory		1,500
Automobiles (company cars)		34,400
Accumulated depreciation, automobiles			$	13,600
Office equipment		3,000
Accumulated depreciation, office equipment				800
Accounts payable				21,300
Income taxes payable				0
Salaries and commissions payable				1,800
Note payable, long-term				32,100
Capital stock (par $1; 32,200 shares)				32,200
Paid-in capital				4,500
Retained earnings (on April 1, 2015)				7,400
Dividends declared and paid during the current year		10,800
Sales revenue				103,600
Cost of goods sold		32,400
Operating expenses (detail omitted to conserve time)		18,200
Depreciation expense (on autos and including $400 on office equipment)		7,400
Interest expense		1,400
Income tax expense (not yet computed)
Totals	$	217,300	$	217,300

Sales revenue		103600
Cost of goods sold		-32400
Gross profit		71200
Operating expense
Operating expense (not detailed)	18200
Depreciation expense-Auto	7000
Depreciation expense-Office equipment	400
Total operating expense		-25600
Operating income		45600
Other revenue and expense
Interest expense		-1400
Income before tax		44200
Income tax		-15470
Net income		28730
Share outstanding		32200
Earning per share		0.89

b. Classified balance sheet at the end of the reporting year, March 31, 2016. Include (1) income taxes for the current year in Income Taxes payable and (2) dividends in Retained camings. (Amounts to be deducted should be indicated by a minus sign.) Balanoe Sheet