Jordan Sales Company ( organized as a corporation on April 1 , 2 0 2 1 )
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Question:
Jordan Sales Company organized as a corporation on April has completed the accounting cycle for the second year, ended March Jordan also has completed a correct trial balance as follows:
JORDAN SALES COMPANY
Trial Balance
At March
Account Titles Debit Credit
Cash $
Accounts receivable
Office supplies inventory
Automobiles company cars
Accumulated depreciation, automobiles $
Office equipment
Accumulated depreciation, office equipment
Accounts payable
Income taxes payable
Salaries and commissions payable
Note payable, longterm
Capital stock par $; shares
Paidin capital
Retained earnings on April
Dividends declared and paid during the current year
Sales revenue
Cost of goods sold
Operating expenses detail omitted to conserve time
Depreciation expense on autos and including $ on office equipment
Interest expense
Income tax expense not yet computed
Totals $ $
b Complete the classified balance sheet for the reporting year ended March Include income taxes for the current year in Income Taxes payable and dividends in Retained earnings. Include income tax expense, assuming a percent tax rate.
Note: Amounts to be deducted should be indicated by a minus sign.
Related Book For
Financial Accounting
ISBN: 9781264229734
11th Edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
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