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Required information (The following information applies to the questions displayed below.) Jordan Sales Company (organized as a corporation on April 1, 2017) has completed the
Required information (The following information applies to the questions displayed below.) Jordan Sales Company (organized as a corporation on April 1, 2017) has completed the accounting cycle for the second year, ended March 31, 2019. Jordan also has completed a correct trial balance as follows: JORDAN SALES COMPANY Trial Balance At March 31, 2019 Account Titles Debit Credit Cash $ 58,400 Accounts receivable 49,700 Office supplies inventory 1,300 Automobiles (company cars) 34,700 Accumulated depreciation, automobiles $ 13,100 Office equipment 3,600 Accumulated depreciation, office equipment 800 Accounts payable 21,200 Income taxes payable Salaries and commissions payable 1,400 Note payable, long-term 32,400 Capital stock (par $1; 32,100 shares) 32,100 Paid-in capital 4,200 Retained earnings (on April 1, 2018) 7,100 Dividends declared and paid during the current year 10,500 Sales revenue 106,200 Cost of goods sold 32,800 Operating expenses (detail omitted to conserve time) 18,800 Depreciation expense (on autos and including $600 on office equipment) 7,600 Interest expense 1,100 Income tax expense (not yet computed) Totals $ 218,500 $218,500 b. Classified balance sheet at the end of the reporting year, March 31, 2019. Include (1) Income taxes for the current year in Income Taxes payable and (2) dividends In Retained earnings. (Amounts to be deducted should be Indicated by a minus slgn.) JORDAN SALES COMPANY Balance Sheet Assets Current Assets Total current assets Total assets Liabilities Current Liabilities Total current liabilities Total liabilities Stockholders' Equity Contributed capital Total contributed capital Total stockholders' equity Total liabilities and stockholderslaute
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