Problem 5-06A The trial balance of Shamrock Wholesale Company contained the following accounts shown at December 31, the end of the company's fiscal year. SHAMROCK WHOLESALE COMPANY Trial Balance December 31, 2022 Debit Credit $ 32,600 Accounts Receivable 39,800 Inventory 69,800 Land 91,200 Buildings 199 200 Accumulated Depreciation-Buildings $ 59,200 Equipment 82,700 Accumulated Depreciation Equipment 39,700 Notes Payable 53,900 Accounts Payable 16,700 Common Stock 159,200 Retained Earnings 66,400 Dividends 9,200 Sales Revenue 921,300 Sales Discounts 5,200 Cost of Goods Sold 709,100 Salaries and Wages Expense 50,500 Utilities Expense 10,600 Maintenance and Repairs Expense 8,100 Advertising Expense 4,400 Insurance Expense 4,000 $1,316,400 $1,316,400 Adjustment data: 1. Depreciation is $7,200 on buildings and $6,200 on equipment. (Both are operating expenses.) 2. Interest of $3,700 is due and unpaid on notes payable at December 31. 3. Income tax due and unpaid at December 31 is $23,200. Other data: $14,200 of the notes payable are payable next year. Prepare an adjusted trial balance. SHAMROCK WHOLESALE COMPANY Adjusted Trial Balance Debit Credit Prepare a multiple-step income statement for the year ended December 31, 2022. SHAMROCK WHOLESALE COMPANY Income Statement > > Prepare a retained earnings statement for the year ended December 31, 2022. (List items that increase retained earnings first.) SHAMROCK WHOLESALE COMPANY Retained Earnings Statement Journalize the adjusting entries. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 3. SHOW LEST OF ACCOUNTS Create T-accounts for all accounts used in part a. Enter the trial balance amounts into the T-accounts and post the adjusting entries. (Post entries in the order of journal entries posted in part a.) Accumulated Depreciation Buildings Accumulated Depreciation-Equipment Depreciation Expense V Interest Expense Interest Payable Income Tax Expense Income Taxes Payable Prepare a classified balance sheet at December 31, 2022. (List current assets in order of liquidity and property, plant and equipment in order of land, buildings and equipment.) SHAMROCK WHOLESALE COMPANY Balance Sheet Assets Liabilities and Stockholders' Equity