The post-closing trial balance for Wilson Corp., a retailer, at December 31, 2019, follows.

g. Prepare the income statement and balance sheet.

• Note: Record expenses in alphabetical order based upon the first letter of the account name.
• Note: Do not use negative signs with your answers.

I cannot figure out one part of the balance sheet. What should be in replacement of "0" under "Less: Allowance for doubtful accounts" ??

eBook Print Question 6 Partially correct Mark 7.77 out of 10.00 p Flag question Applying the Entire Accounting Cycle The post-closing trial balance for Wilson Corp., a retailer, at December 31, 2019, follows. Acc. No. Description Debit Credit 101 Cash $ 27,000 $ 0 102 Accounts receivable 21,000 103 Allowance for doubtful accounts 1,000 104 Inventory (perpetual inventory system) 35,000 105 Prepaid insurance (20 months remaining) 900 200 Equipment (20-year estimated life, no residual value) 50,000 201 Accumulated depreciation-equipment 22,500 300 Accounts payable 7,500 301 Salaries payable 302 Income taxes payable (for 2019) 4,000 400 Common stock, par $1 80,000 401 Retained earnings 18,900 500 Sales 600 Cost of goods sold 601 Operating expenses 602 Income tax expense 700 Income summary Total $133,900 $133,900 The following transactions occurred during 2020 in the order shown (use the number at the left in place of a date). 1. Sales revenue was $30,000, of which $10,000 was on credit; the cost, provided using perpetual inventory, was $19,500. 2. Collected $17,000 cash on accounts receivable. 3. Paid $4,000 cash toward income taxes payable (2019). 4. Purchased $40,000 of merchandise, of which $8,000 was on credit. 5. Paid $6,000 cash toward accounts payable. 6. Sales revenue was $72,000 (in cash); cost was $46,800. 7. Paid $19,000 cash in operating expenses. 8. On July 1, 2020, issued 1,000 shares of common stock, par $1, for $1,000 cash. 9. Purchased $100,000 of merchandise, of which $27,000 was on credit. 10. Sales revenue was $98,000, of which $30,000 was on credit; cost, $63,700. 11. Collected $26,000 cash toward accounts receivable. 12. Paid $28,000 cash toward accounts payable. 13. Paid $18,000 cash for various operating expenses. Journal Entries T-Accounts Unadjusted Trial Balance Adjusting Journal Entries T-Accounts after Adjusting Journal Entries Adjusted Trial Balance Financial Statements Closing Journal Entries T-Accounts After Closing Journal Entries Post-Closing Trial Balance g. Prepare the income statement and balance sheet. . Note: Record expenses in alphabetical order based upon the first letter of the account name. Note: Do not use negative signs with your answers. . Wilson Corporation Income Statement For the Year Ended December 31, 2020 Revenues: $ Sales 200,000 Total revenues 200,000 Expenses: Costs of Goods Sold 130,000 Income Tax Expense 11,784 Operating Expenses 40,540 Total expenses 182,324 Net Income 17,676 Note: Record liability and stockholders' equity accounts in alphabetical order based upon the first letter of the account name. Note: Do not use negative signs with your answers. . 51,000 0x 45,000 360 Wilson Corporation Balance Sheet December 31, 2020 Assets Cash Accounts Receivable 18,000 Less: Allowance for doubtful accounts 1,200 Inventory Prepaid Insurance Equipment 50,000 Less: Accumulated depreciation 25,000 Total Assets Liabilities Accounts Payable Income Taxes Payable Salaries Payable Total liabilities Stockholders' Equity Common Stock Retained Earnings Total stockholders' equity Total liabilities and stockholders' equity 25,000 138,160 $ $ 8,500 11,784 300 20,584 $ $ 81,000 36,576 117,576 138,160 $ Check