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CHAPTER 10 Current Liabilities Problem 10-7A Comprehensive-balance sheet LO1,2.3.4 CHECK FIGURES: 2. Total current assets- $219,386: Total assets-$926,386; Total current liabilities = $235,451 Golden Wedding Dress Company designs custom wedding dresses for brides to be. The person preparing the adjusting entries at year end was unable to complete the adjustments due to illnesss You have been given the following unadjusted trial balance along with some additional information for the December 31, 2017, year-end. Balance Account Accounts receivable $ 71,400 Income tax expense s 33.660 Accum, deprec., building1 Accum. deprec.. equipment... Advance sales Allowance for doubtful accounts Building Cash.. 116.000 Land 332.000 Merchandise inventory 216.000 Mortgage payable 64.800 217.997 500 Sarah Golden, capital 204.863 150,000 1.161.000 415,000 Note payable... 87.100 Other operating expenses 619.000 Sales Estimated warranty liability 3.200 Sales returns and allowances 7,600 Other information: 1. Assume all accounts have a normal balance. of the balance in the Advance Sales account is for wedding dresses to be made and delivered by Golden during 2018, the remaining 25% is from sales earned during 2017. 2. 759% a. Gol lden warranties its wedding dresses against defects and estimates its warranty liablity to be 2.5% of adjusted net sales. 4. The 3.5%, 5-year note payable was issued on October 1, 2017; interest is payable annually each September 30. 5. A partial amortization schedule for the mortgage follows: Interest Expense at Dec. 31 Year 2015 2016 2017 2018 201q Payments are made annualy each arua 2, $32,37q $11,346 10,505 9,630 8,720 7.774 $262.620 240,746 217.997 194,338 169,733 21,874 22,749 32.37 32.379 32.379 32,379 24.605 6. Uncollectible accounts are estimated to be 1% of outstanding receivables. 7. A physical count of the inventory showed a balance actually on hand of $61,600. 8. The balance in Income Tax Expense represents taxes accrued and paid for the 2017 year at the rate of $3,060 per month. Assume the income tax rate is 20% Required 1. Based on the information provided, journalize the adjusting entries at December 31, 2017. 2. Prepare a classified balance sheet (round all values on the balance sheet to whole numbers)