Jordan Sales Company organized as a corporation on April has completed the accounting cycle for the second year, ended March Jordan also has completed a correct trial balance as follows:

JORDAN SALES COMPANY

Trial Balance

At March

Account Titles Debit Credit

Cash $

Accounts receivable

Office supplies inventory

Automobiles company cars

Accumulated depreciation, automobiles $

Office equipment

Accumulated depreciation, office equipment

Accounts payable

Income taxes payable

Salaries and commissions payable

Note payable, longterm

Capital stock par $; shares

Paidin capital

Retained earnings on April

Dividends declared and paid during the current year

Sales revenue

Cost of goods sold

Operating expenses detail omitted to conserve time

Depreciation expense on autos and including $ on office equipment

Interest expense

Income tax expense not yet computed

Totals $ $

b Complete the classified balance sheet for the reporting year ended March Include income taxes for the current year in Income Taxes payable and dividends in Retained earnings. Include income tax expense, assuming a percent tax rate.

Note: Amounts to be deducted should be indicated by a minus sign.