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Please prepare a balance sheet using multi step form for the year ended June 30th 2025. The following account balances were included in the trial
Please prepare a balance sheet using multi step form for the year ended June 30th 2025.
The following account balances were included in the trial balance of Sheridan Corporation at June 30, 2025. Sales revenue Sales discounts Cost of goods sold Salaries and wages expense (sales) Sales commissions Travel expense (salespersons) Delivery expense Entertainment expense Telephone and Internet expense (sales) Depreciation expense (sales equipment) Maintenance and repairs expense (sales) Miscellaneous selling expenses Office supplies used Telephone and Internet expense (administration) $1,595,060 Depreciation expense (office furniture and equipment) 31,950 Property tax expense 902,000 Bad debt expense (selling) 57,640 Maintenance and repairs expense (administration) 99,290 Office expense 35,300 Sales returns and allowances 21,900 Dividends revenue 15,100 Interest expense 9,220 Income tax expense 5,345 Depreciation understatement due to error-2025 (net of tax) 6,774 Dividends declared on preferred stock 4,879 Dividends declared on common stock 3,250 2,735 The Retained Earnings account had a balance of $352,440 at July 1,2024 . There are 73,980 shares of common stock outstanding. The following account balances were included in the trial balance of Sheridan Corporation at June 30, 2025. Sales revenue Sales discounts Cost of goods sold Salaries and wages expense (sales) Sales commissions Travel expense (salespersons) Delivery expense Entertainment expense Telephone and Internet expense (sales) Depreciation expense (sales equipment) Maintenance and repairs expense (sales) Miscellaneous selling expenses Office supplies used Telephone and Internet expense (administration) $1,595,060 Depreciation expense (office furniture and equipment) 31,950 Property tax expense 902,000 Bad debt expense (selling) 57,640 Maintenance and repairs expense (administration) 99,290 Office expense 35,300 Sales returns and allowances 21,900 Dividends revenue 15,100 Interest expense 9,220 Income tax expense 5,345 Depreciation understatement due to error-2025 (net of tax) 6,774 Dividends declared on preferred stock 4,879 Dividends declared on common stock 3,250 2,735 The Retained Earnings account had a balance of $352,440 at July 1,2024 . There are 73,980 shares of common stock outstandingStep by Step Solution
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