The trial balance of Teal Mountain Wholesale Company contained the following accounts shown at December 31, the end of the company's fiscal year. TEAL MOUNTAIN WHOLESALE COMPANY Trial Balance December 31,2022 Debit Credit Cash $ 32,000 Accounts Receivable 38,000 Inventory 70,600 Land 91,600 Buildings 199,600 Accumulated Depreciation-Buildings $59,600 Equipment 83,100 Accumulated Depreciation-Equipment 40,100 Notes Payable Accounts Payable Common Stock 54,300 17,100 159,600 Retained Earnings 66,800 Dividends Sales Revenue 9,600 921,700 Sales Discounts 5,600 Cost of Goods Sold 709,500 Salaries and Wages Expense 50,900 Utilities Expense 11,000 Maintenance and Repairs Expense 8,500 Advertising Expense 4,800 Insurance Expense 4,400 $1,319,200 $1,319,200 Adjustment data: 1. Depreciation is $7,600 on buildings and $6,600 on equipment. (Both are operating expenses.) 2. Interest of $4,100 is due and unpaid on notes payable at December 31. 3. Income tax due and unpaid at December 31 is $23,600. Other data: $14,600 of the notes payable are payable next year. Save for Later Attempts: 0 of 1 used 1211 Submit Answer