k1.

Using the adjusted trial balance prepared in part j above, prepare an annual income statement dated December 31, 2015.

k2.

Using the adjusted trial balance prepared in part j above, prepare statement of retained earnings dated December 31, 2015.

k3.

Using the adjusted trial balance prepared in part j above, prepare a balance sheet dated December 31, 2015.

l.

Using the financial statements prepared in part k above, determine approximately how many days an account receivable remains outstanding before it is collected. You may assume that the company's ending accounts receivable balance on December 31 is a close approximation of its average accounts receivable balance throughout the year. Using the financial statements prepared in part k, determine approximately how many days an item of merchandise remains in stock before it is sold. You may assume that the company's ending merchandise inventory balance on December 31 is a close approximation of its average merchandise inventory balance throughout the year.

50,680 35.000 132,300 Cash Marketable securities Accounts receivable Allowance for doubtful accounts Merchandise inventory Office supplies Prepaid insurance Building and fixtures Accumulated depreciation Land Accounts payable Unearned customer deposits Income taxes payable Capital stock Retained earnings Unrealized holding gain on investments Sales Cost of goods sold Bank service charges Uncollectible accounts expense Salary and wages expense Office supplies expense Insurance expense Utilities expense Depreciation expense ncome tax expense 7,800 248,650 830 6,400 1,796,000 799,000 65,800 63,000 4.200 82,000 930,000 239,200 8,800 1,696,400 955.350 180 10,600 385,000 670 6,240 2,700 52,000 82,000