Maggie Good, a junior accountant, has the December 31, 2021, trial balance of Lawrence Company sitting on her desk. Attached is a memo from her supervisor requesting that a classified balance sheet be prepared. Maggie gathers the following data:
a. A physical inventory at December 31 showed $70,000 on hand.
b. The cost of office supplies on hand was $600.
c. Insurance unexpired was $750.
d. Depreciation (straight-line) is based on a 25-year life.
Using the following trial balance of Lawrence Co., assist Maggie with this project. Ending figure for capital is $105,850.

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Account Titles and Description Cash Accounts Receivable Inventory Prepaid Insurance Office Supplies Land Building Accumulated Depreciation, Building Notes Payable Accounts Payable S. Lawrence, Capital S. Lawrence, Withdrawals Retail Sales Sales Returns and Allowances Sales Discounts LAWRENCE COMPANY TRIAL BALANCE DECEMBER 31, 2021 Cost of Goods Sold Advertising Expense Wage Expense Utilities Expense Dr. 11 000 00 38 000 00 80 000 00 200000 100000 17 500 00 50 000 00 13 000 00 2100000 800000 204 900 00 Cr. 1000000 4000000 3000000 98 40 000 3290000 250000 55 000 00 350 000 507 40 000 507 400 00