WP XI CREDIT Q No.2 AUSTIN SOUND SEREO CENTER, INC. TRIAL BALANCE DECEMBER 31,2015 TITLE OF ACCOUNTS DEBIT Cash 110,350 Account receivable 54600 Note receivable 8000 Inventory-opening 40,500 Supplies 650 Prepaid insurance 1200 Furniture and Fixture 183,200 Accumulated depreciation-furniture Account payable Note payable (long-term) Capital-Frank Sales revenue Sales discount 1400 Sales return and allowance 2000 Interest revenue Purchases 89,300 Purchases discount Purchases return and allowances Freight in 5200 Rent expense 8400 TOTAL 504,800 2400 47,000 12,600 100,000 338,000 600 3000 1200 504,800 1. Inventory on hand at the end of the year $ 42,000 2. Depreciation on Furniture book value 2% 3. Tax rate is 10% applied Required: . Income Statement showing EBIT and EAT Balance Sheet