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Jordan Sales Company (organized as a corporation on April 1, 2017) has completed the accounting cycle for the second year, ended March 31, 2019. Jordan
Jordan Sales Company (organized as a corporation on April 1, 2017) has completed the accounting cycle for the second year, ended March 31, 2019. Jordan also has completed a correct trial balance as follows:
JORDAN SALES COMPANY Trial Balance At March 31, 2019 | ||||
Account Titles | Debit | Credit | ||
Cash | $ | 58,300 | ||
Accounts receivable | 49,400 | |||
Office supplies inventory | 1,100 | |||
Automobiles (company cars) | 34,000 | |||
Accumulated depreciation, automobiles | $ | 13,500 | ||
Office equipment | 3,300 | |||
Accumulated depreciation, office equipment | 1,300 | |||
Accounts payable | 21,700 | |||
Income taxes payable | 0 | |||
Salaries and commissions payable | 1,200 | |||
Note payable, long-term | 32,600 | |||
Capital stock (par $1; 32,500 shares) | 32,500 | |||
Paid-in capital | 4,800 | |||
Retained earnings (on April 1, 2018) | 7,200 | |||
Dividends declared and paid during the current year | 11,300 | |||
Sales revenue | 102,900 | |||
Cost of goods sold | 32,800 | |||
Operating expenses (detail omitted to conserve time) | 18,800 | |||
Depreciation expense (on autos and including $700 on office equipment) | 7,600 | |||
Interest expense | 1,100 | |||
Income tax expense (not yet computed) | ||||
Totals | $ | 217,700 | $ | 217,700 |
b. Classified balance sheet at the end of the reporting year, March 31, 2019. Include (1) income taxes for the current year in Income Taxes payable and (2) dividends in Retained earnings. (Amounts to be deducted should be indicated by a minus sign.)
everything in there is right i just need help with the rest, thank you
income tax rate: 35%
JORDAN SALES COMPANY Balance Sheet At March 31, 2019 Assets Current Assets Cash $ 58,300 Accounts receivable 49,400 1,100 Office supplies inventory $ 108,800 Total current assets Office equipment Accumulated depreciation - Automobiles Automobiles 3,300 (13,500) 34,000 (1,300) Accumulated depreciation - Office equipment $ 22,500 $ 131,300 Total assets Liabilities Current Liabilities $ 21,700 Accounts payable Income taxes payable Salaries and commissions payable 1,200 Total current liabilities $ 22,900 Income taxes payable Salaries and commissions payable 1,200 Total current liabilities $ 22,900 Note payable 32,600 55,500 Total liabilities Stockholders' Equity Contributed capital Capital stock Paid-in capital 32,500 4,800 37,300 Total contributed capital Retained earnings Total stockholders' equity 37,300 Total liabilities and stockholders' equity $ 92,800 Step by Step Solution
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