XYZ Company
Adjusted Trial Balance
December 31, 2015
Account Titles	Debit	Credit
Cash	45,000
Accounts Receivable	52,000
Allowance for doubtful accounts	400
Notes receivable	30,000
Interest Receivable	300
Merchandise Inventory	51,500
Land	20,000
Building	150,000
Accumulated Depreciation, Building		21,000
Equipment	50,000
Accumulated Depreciation, Equipment		28,500
Goodwill	26,000
Accounts Payable		25,000
Interest Payable		1,875
Salary Payable		5,500
Long-term Notes Payable		75,000
Common Stock, $10 par, 2000 shares author&outstand		20,000
Retained Earnings		147,000
Sales Revenue		700,000
Interest Revenue		300
Salaries Expense	155,500
Interest Expense	1,875
Depreciation Expenses	13,500
Bad debts Expenses	1,100
Utilities Expenses	3,500
Cost of Goods Sold	353,500
Administrative Expenses	55,000
Sales Expenses	14,000
Totals	1,024,175	1,024,175

What will the balance sheet be?

What are the closing entries?