Munif Hardware had the following adjusted trial balance at the end of the companys fiscal year June 30, 2021:

Account Title	Debit	Credit
Salaries &wages Payable		$20,200
Accounts Receivable	25,500
Accumulated Depreciation-Equipment		40,000
Cash	21,000
Cost of goods sold	513,000
Freight-out	1,500
Equipment	141,000
Depreciation expense	6,000
Insurance expense	2,000
Interest expense	1,400
Dividend revenue		2,000
Inventory	22,000
Land	50,000
Notes Payable		32,000
Owners capital		96,700
Owners Drawings	5,000
Supplies	3,500
Property tax expense	2,500
Property tax payable		2,500
Rent expense	10,000
Salaries &wages expense	86,000
Sales revenue		705,000
Sales commissions expense	6,000
Sales commissions payable		4,500
Sales returns &allowance	3,000
Sales discount	3,500
Total	902,900	902,900

Instructions

Prepare a multiple-step income statement, an owners equity statement, and a classified balance sheet. $15,000 of notes payable are due in 2022.