Make a balance sheet using the information provided as well as the additional data for 2016:

Balance sheet:

December 31 2015

Cash.......................................................... $52,000

Accounts receivable (net)............................ 64,000

Inventory................................................... 178,000

Land.......................................................... 78,800

Equipment.................................................. 504,000

TOTAL............................................ $876,800

Accumulated depreciation.......................... $94,000

Accounts payable....................................... 50,400

Notes payable - short-term......................... 67,200

Notes payable - long-term.......................... 178,000

Common stock........................................... 420,000

Retained earnings....................................... 67,200

TOTAL............................................ $876,800

Trial balance

December 31, 2016

................................................................. DR CR

Cash.......................................................... $60,000

Accounts receivable ................................75,000

Allowance for doubtful accounts................................. 4,500

Inventory................................................... 148,000

Land.......................................................... 58,600

Equipment.................................................. 620,000

Accumulated depreciation........................... 40,000

Accounts payable....................................... 48,300

Notes payable - short-term......................... 24,200

Notes payable - long-term.......................... 154,000

Common stock........................................... 420,000

Retained earnings....................................... 67,200

Sales revenue............................................. 630,500

Cost of goods sold.................................285,000

Salary expense.......................................95,000

Advertising expense.................................14,600

Depreciation expense..............................10,000

Bad debt expense....................................2,500

Other expense..........................................20,000

Additional data for 2016:

1.Land was sold at its original cost.

2.Equipment was purchased

3.Notes were repaid