Question
The adjusted trial balance columns of Falcetto Company's worksheet for the year ended December 31, 2010, are as follows. Debit Credit Cash 14,500 Accumulated Depreciation
The adjusted trial balance columns of Falcetto Company's worksheet for the year ended December 31, 2010, are as follows.
Debit Credit
Cash 14,500
Accumulated Depreciation 18,000
Accounts Receivable 11,100
Notes Payable 25,000
Merchandise Inventory 29,000
Accounts Payable 10,600
Prepaid Insurance 2,500
Larry Falcetto, Capital 81,000
Store Equipment 95,000
Sales 536,800
Larry Falcetto,Drawing 12,000
Interest Revenue 2,500
Sales Returns and Allowances 6,700
673,900
Sales Discounts 5,000
Cost of Goods Sold 363,400
Freight-out 7,600
Advertising Expense 12,000
Salaries Expense 56,000
Utilities Expense 18,000
Rent Expense 24,000
Depreciation Expense 9,000
Insurance Expense 4,500
Interest Expense 3,600
673,900
Please create a balance sheet from the information above, please give an explanation
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