Following is the unadjusted trial balance of Bens Jewelers on December 31, 20X1.

BENS JEWELERS Trial Balance December 31, 20X1
Cash	$	13,050		Dr.
Accounts Receivable		49,900		Dr.
Allowance for Doubtful Accounts		2,000		Cr.
Merchandise Inventory		105,900		Dr.
Store Supplies		4,230		Dr.
Office Supplies		2,950		Dr.
Store Equipment		113,590		Dr.
Accumulated DepreciationStore Equipment		13,010		Cr.
Office Equipment		27,640		Dr.
Accumulated DepreciationOffice Equipment		4,930		Cr.
Accounts Payable		4,390		Cr.
Salaries Payable
Social Security Tax Payable
Medicare Tax Payable
Federal Unemployment Tax Payable
State Unemployment Tax Payable
Ben Waites, Capital		166,310		Cr.
Ben Waites, Drawing		30,000		Dr.
Income Summary
Sales		862,230		Cr.
Sales Returns and Allowances		7,580		Dr.
Purchases		504,810		Dr.
Purchases Returns and Allowances		4,240		Cr.
Purchases Discounts		10,770		Cr.
Freight In		7,000		Dr.
Salaries ExpenseSales		75,950		Dr.
Rent Expense		35,500		Dr.
Advertising Expense		12,300		Dr.
Store Supplies Expense
Depreciation ExpenseStore Equipment
Salaries ExpenseOffice		77,480		Dr.
Uncollectible Accounts Expense
Payroll Taxes Expense
Office Supplies Expense
Depreciation ExpenseOffice Equipment

Required:

1. Complete the worksheet.

   a.b. Ending merchandise inventory, $98,700.

   3. Uncollectible accounts expense, $1,000.
   4. Store supplies on hand December 31, 20X1, $625.
   5. Office supplies on hand December 31, 20X1, $305.
   6. Depreciation on store equipment, $11,360.
   7. Depreciation on office equipment, $3,300.
   8. Accrued sales salaries, $4,000, and accrued office salaries, $1,000.
   9. Social security tax on accrued salaries, $326; Medicare tax on accrued salaries, $76. (Assumes that tax rates have increased.)
   10. Federal unemployment tax on accrued salaries, $56; state unemployment tax on accrued salaries, $270.
2. Journalize the adjusting entries on December 31, 20X1.
3. Journalize the closing entries on December 31, 20X1.
4. Compute the following:

1. net sales
2. net delivered cost of purchases
3. cost of goods sold
4. net income or net loss
5. balance of Ben Waites, Capital on December 31, 20X1.

Analyze: What change(s) to Ben Waites, Capital will be reported on the statement of owners equity?