The following account balances are taken from the December 31, 2015, financial statements of ABZ Advertising Company. The company uses accrual basis accounting.

Advertising revenue	$ 56,516
Cash	50,299
Accounts receivable	8,262
Interest expense	2,493
Accounts payable	5,420
Operating expenses	45,778
Unearned revenue	1,430
Equipment	22,041
Income tax expense	2,826

The following activities occurred in 2016:

1.	Performed advertising services on account, $66,850.
2.	Received cash payments on account, $12,900.
3.	Received deposits from customers for advertising services to be performed in 2017, $4,200.
4.	Made payments to suppliers on account, $5,420.
5.	Incurred $54,700 of operating expenses; $47,400 was paid in cash and $7,300 was on account and unpaid as of the end of the year.

What is the balance in the Cash account at December 31, 2016?

$50,299

$55,593

$57,779

$14,579

The alphabetical listing below includes all of the adjusted account balances of T.O.s Dance Studio as of December 31, 2015. All account balances are normal.

Accounts Payable	$ 3,900
Accounts Receivable	9,400
Accumulated DepreciationEquipment	3,700
Common Stock	3,200
Cash	3,200
Depreciation Expense	1,300
Dividends	1,800
Equipment	9,400
Income Tax Expense	1,100
Income Taxes Payable	1,100
Rent Expense	1,400
Retained Earnings	3,600
Salaries and Wages Expense	8,400
Service Revenue	18,500
Unearned Revenue	2,000

Required:
a.	Prepare the closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

1. Record the entry to close the income summary account.

2. Record the entry for Dividend declared $1,800.

b.	Prepare the post-closing trial balance as of December 31, 2015. (Enter all account balances, including any that may carry a zero-balance.)

T.O's DANCE STUDIO
Post-Closing Trial Balance
At December 31, 2015
Account Name	Debits	Credits
Cash
Accounts Receivable
Equipment
Accumulated DepreciationEquipment
Accounts Payable
Income Tax Payable
Unearned Revenue
Common Stock
Retained Earnings
Service Revenue
Salaries and Wages Expense
Rent Expense
Depreciation Expense
Income Tax Expense
Totals

c.

Prepare the classified balance sheet at December 31, 2015. (Amounts to be deducted should be indicated by a minus sign.)

T.O's DANCE STUDIO
Balance Statement
At December 31, 2015
Assets		Liabilities and Stockholders Equity
Current Assets:		Liabilities:
		Current Liabilities:
Total Current Assets
		Total Liabilities
Equipment, Net		Stockholders' Equity
		Total Stockholders' Equity
Total Assets		Total Liabilities and Stockholders' Equity