1. Using the below adjusted trial balance prepare Income Statement, Statement of Retained Earnings and Balance Sheet

Adjusted Trial Balance
December 31, 2015
					Debit		Credit
Cash					$ 2,691
Accounts Receivable					5,526
Allowance for Doubtful Accounts							$ 668
Inventory					12,596
Prepaid Insurance					145
Notes Receivable					365
Equipment					15,800
Building					18,560
Land					4,255
Accumulated Depreciation: Equipment							3,245
Accumulated Depreciation: Building							5,656
Accounts Payable							5,663
Notes Payable							15,500
Salaries Payable							145
Interest Payable							67
Income Taxes Payable							4,650
Common Stock	Par	$ 0.10					280
Additional Paid-In Capital							5,320
Retained Earnings							14,544
Dividends Distributed					6,577
Sales (Revenue)							56,875
Interest Earned							22
Cost of Goods Sold					32,733
Salaries Expense					3,255
Other Expenses					956
Loss on Disposition of Equipment					42
Depreciation Expense: Equipment					322
Depreciation Expense: Building					460
Bad Debt Expense					896
Insurance Expense					1,100
Interest Expense					1,555
Income Tax Expense					4,801
					$ 112,635		$ 112,635