trial balance For the Year Ended December 31, 2020 ACCOUNT NAME DEBIT CREDIT Multi-Step Income Statement land 200,000 For the Year Ended December 31, 2020 Inventories 50,000 (In thousands, except earnings per share) supplies 35,000 tax Payable - Short-term 40.000 Sales paid in capital 100,000 Cost of goods sold Long-term debt 150,000 gross profit Goodwill 68,000 unearned revenues 36,000 Operating Expenses Bonds Payable (long-term) 140,000 selling expenses Notes Payable 48,000 Transportation-out $8,000 Cash 75,000 Sales commissions $9,000 Accumulated Depreciation - Equipment 90.000 equipment 8,700 Notes Receivable 47,000 total selling expenses 25,700 $56,300 Sales commissions 9,000 administraitve expenses Income tax 23,000 Officers' salaries $17,000 Interest expense 17,000 d office equipment $23,000 treasury stocks 45,000 Accounts Payable 57,000 total administraitve expenses $40,000 Retained Earnings 1/1 120.000 total opraeion expenses $80,000 Depreciation of sales equipment 8,700 opraetion income Sales 232,000 Common Stock, $ 20 Par Value 400,000 Other Revenues and Gains Prepaid Expenses 28,400 rental revenue Equipment 250,000 Trading Securities 45,000 Other Expenses and Losses Accumulated Depreciation - Building 80,000 Interest expense Preferred Stock, $100 Par Value 200,000 Building 625,000 Income before taxes current portion of long term bonds 40,000 Income tax Officers' salaries 17,000 Net income Depreciation of office equipment 23,000 Cost of goods sold 150,000 Depreciation of building 10,000 Retained Earnings Statement rental revenue 8,600 For the month ended 2020 Transportation-out 8,000 Retained earnings, jan 1 copy rights 38,500 Add: net income accrued revenues 24,000 dividends 20,000 Less: supply expense 6,000 Retained earnings, dec 31 Long-term Rental Obligations 100,000 advertising 19,000