Dump Company Post-Closing Trial Balance December 31, 2016 Account Debit Credit Cash $ Accounts Receivable 27,000 18,000 18,000 Merchandise Inventory 1,500 50,000 12,000 Prepaid Insurance Equipment and Fixtures Accumulated Depreciation Accounts Payable Salaries and Commissions Payable Common Stock 21,000 6,600 23,000 51,900 Retained Earnings $ 114,500 $ 114,500 Totals For the Quarter Ended March 31, 2017 Sales Revenue $ 121,700 60,850 Cost of Goods Sold Gross Profit Selling and Administrative Expenses: 60,850 Commissions Expense 6,085 5,000 Salaries Expense Rent Expense Depreciation Expense 4,500 600 Insurance Expense 400 16,585 Total Selling and Administrative Expenses Operating Income (Loss) Income Tax Expense 44,265 4,500 Net Income (Loss) $ 39,765 Dump Company Budgeted Balance Sheet March 31, 2017 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Total Current Assets Property, Plant, and Equipment Equipment and Fixtures Less: Accumulated Depreciation Total Assets