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$\backslash$hline Part $2$ of $2\backslash \backslash$

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$\backslash [$

$20$

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points

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$\backslash (\backslash$longleftarrow $\backslash )\backslash \backslash$

eBook

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$-\backslash \backslash$

Print

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$[$The following information applies to the questions displayed below.$]$

Jordan Sales Company $($organized as a corporation on April $1,2021)$ has completed the accounting cycle for the second year, ended March $31,2023.$ Jordan also has completed a correct trial balance as follows:

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$\backslash$hline $\backslash$multicolumn$\{3\}\{|$l$|\}\{\backslash$begin$\{$tabular$\}\{$l$\}$

JORDAN SALES COMPANY $\backslash \backslash$

Trial Balance $\backslash \backslash$

At March $31,2023$

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$\backslash$hline Account Titles & Debit & Credit $\backslash \backslash$

$\backslash$hline Cash & $\backslash$$ $58,800$ & $\backslash \backslash$

$\backslash$hline Accounts receivable & $49,400$ & $\backslash \backslash$

$\backslash$hline Office supplies inventory & $1,200$ & $\backslash \backslash$

$\backslash$hline Automobiles $($company cars$)$ & $34,900$ & $\backslash \backslash$

$\backslash$hline Accumulated depreciation, automobiles & & $\backslash$$ $13,800\backslash \backslash$

$\backslash$hline Office equipment & $3,200$ & $\backslash \backslash$

$\backslash$hline Accumulated depreciation, office equipment & & $500\backslash \backslash$

$\backslash$hline Accounts payable & & $21,500\backslash \backslash$

$\backslash$hline Income taxes payable & & $0\backslash \backslash$

$\backslash$hline Salaries and commissions payable & & $1,200\backslash \backslash$

$\backslash$hline Note payable, long$-$term & & $32,800\backslash \backslash$

$\backslash$hline Capital stock $($par $\backslash$$$1$; $32,400$ shares$)$ & & $32,400\backslash \backslash$

$\backslash$hline Paid$-$in capital & & $4,100\backslash \backslash$

$\backslash$hline Retained earnings $($on April $1,2022)$ & & $6,800\backslash \backslash$

$\backslash$hline Dividends declared and paid during the current year & $11,500$ & $\backslash \backslash$

$\backslash$hline Sales revenue & & $105,000\backslash \backslash$

$\backslash$hline Cost of goods sold & $32,400$ & $\backslash \backslash$

$\backslash$hline Operating expenses $($detail omitted to conserve time$)$ & $18,400$ & $\backslash \backslash$

$\backslash$hline Depreciation expense $($on autos and including $\backslash (\backslash$$ $600\backslash )$ on office equipment$)$ & $7,600$ & $\backslash \backslash$

$\backslash$hline Interest expense & $700$ & $\backslash \backslash$

$\backslash$hline Income tax expense $($not yet computed$)$ & & $\backslash \backslash$

$\backslash$hline Totals & $218,100$ & $\backslash$$ $218,100\backslash \backslash$

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P$5-4$ Part b

b$.$ Complete the classified balance sheet for the reporting year ended March $31,2023.$ Include $(1)$ income taxes for the current year in Income Taxes payable and $(2)$ dividends in Retained earnings. Include income tax expense, assuming a $30$ percent tax rate.

Note: Amounts to be deducted should be indicated bv a minus sian.