Prepare a classified balance sheet given the trial balance provided

Dragon Custom Outfitters
Trial Balance
December 31, 2020
		2020		2019
Account	Type	Debit	Credit	Debit	Credit
Cash - Checking	A	12,300		8,505
Cash - Savings	A	33,000		16,000
Accounts Receivable	A	227,500		277,292
Allowance for Bad Debts	A		6,000		4,900
Accounts Receivable - Employees	A	500		400
Inventory	A	490,000		425,000
Prepaid Insurance	A	3,200		2,450
Land	A	40,000		40,000
Buildings	A	360,000		360,000
Accumulated Depreciation - Buildings	A		43,750		40,000
Equipment	A	90,175		80,175
Accumulated Depreciation - Equipment	A		36,150		29,900
Furniture & Fixtures	A	35,000		35,000
Accumulated Depreciation - Furniture & Fixtures	A		35,000		28,000
Vehicles	A	90,000		90,000
Accumulated Depreciation - Vehicles	A		68,000		40,000
Deposits	A	1,000		1,000
Accounts Payable	L		130,000		165,000
Credit Cards	L		25,000		23,500
Deferred Revenue	L		4,905		120,292
Payroll Taxes Withheld	L		18,900		16,500
Payroll Taxes Accrued	L		8,000		6,900
Dividends Payable	L		60,000		50,000
Wages Payable	L		4,250		6,500
Current Maturity of Long Term Debts	L		15,000		15,000
Note Payable - Mortgage	L		90,000		100,000
Note Payable - Vehicle	L		45,000		50,000
Capital Stock	E		1,000		1,000
Dividends Paid	E	60,000		50,000
Retained Earnings	E		638,330		441,765
Sales	R		945,690		911,100
Sales Returns & Allowances	R	1,675		1,400
Sales Discounts	R	3,000		3,150
Cost of Goods Sold	EXP	342,965		293,500
Adminstrative Salaries	EXP	130,000		122,500
Sales Salaries	EXP	110,000		105,000
Payroll Tax Expense	EXP	11,500		10,000
Advertising Expense	EXP	5,000		5,000
Automobile Expense	EXP	7,500		7,150
Bad Debt Expense	EXP	4,120		3,960
Bank Charge Expense	EXP	100		100
Cleaning Expense	EXP	850		825
Commissions Expense	EXP	3,275		3,250
Depreciation Expense	EXP	45,000		45,000
Insurance Expense	EXP	2,600		2,600
Interest Expense	EXP	6,320		6,500
Licenses Expense	EXP	100		100
Office Expense	EXP	900		1,250
Postage Expense	EXP	180		210
Repairs & Maintenance	EXP	4,880		6,975
Supplies Expense	EXP	1,600		1,890
Travel Expense	EXP	3,000		2,460
Telephone & Internet Expense	EXP	10,680		9,880
Utilities Expense	EXP	13,655		12,835
Other Gains	OR		1,000		0
Other Losses	OEXP	500		500
Income Tax Expense	EXP	23,900		18,500
		2,175,975	2,175,975	2,050,357	2,050,357

Answer rating: 100% (QA)

DRAGON CUSTOM OUTFITTERS Income Statement for the year ended December 31 2019 and 2020 2019 2020 Sal... View the full answer