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The trial balance of the Parton Wholesale Company contained thefollowing accounts at December 31, 2017 the end of the company's calendar year PARTON WHOLESALE COMPANY Trial Balance 31-Dec-17 Debit Credit Cash Accounts Receivable Merchandise Inventory (Beginning) Land Buildings Accumulated Depreciation-Buildings Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Sales Sales Discounts Purchases Purchase Discounts Freight-in Salaries Expense Utilities Expense Repair Expense Gas and Oil Expense Insurance Expense S 34,400 36,600 62,400 92,000 197,000 S 54,000 83,500 42,400 50,000 37,500 200,000 67,800 10,000 886,100 4,600 725,100 16,000 12,400 69,800 9,400 5,900 7,200 3,500 Adjustment data: Depreciation is $10,000 on buildings and $9,000 on equipment. (Both are administrative expenses.) 1. 2. Interest of $7,000 is unpaid on notes payable at December 3 Other data: 1. Merchandise inventory on hand at December 31, 2017 is $90,000. 2. Salaries are 80% selling and 20% administrative. 3. Utilities expense, repair expense, and insurance expense are 100% administrative. 4. S15,000 of the notes payable are payable next year. 5. Gas and oil expense is a selling expense. 6. The beginning balance of accounts receivable is $34,750. 7. The amount of total assets at the beginning of the year is $469,225. Multiple Income Statement Account Titles Debit Credit Sales $ 886,100.00 Less: Sales Discounts $ (4,600.00) Net Sales COGS inning Inven Add: Purchases Less: PRA 10 Purchases Discounts 12 13 14 15 16 Net Purchases Add: Freight In Cost of Good Available for Sale Less: Ending Invento Cost of Goods Sold (725,100.00) $ 172,400.00 Less: Purchases 18 Gross Margin Less: Administrative Expense $ 13,960.00 $9,400.00 S5,900.00 $3,500.00 S 19,000.00 20 21 Salaries Expense Utilities Expense air Expense Insurance Expense 23 24 25 26 27 28 29 30 31 32 reciation Expense Interest Exepense 7,000.00 (71,160.00) Salaries Gas and Oil Expense $7,200.00 (63,040.00) Net Income