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  3. 4. the following trial balance of reese corp. at d

4. The following trial balance of Reese Corp. at December 31, 2016 has been properly...

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Accounting

4. The following trial balance of Reese Corp. at December 31, 2016 has been properly adjusted.

Reese Corp.

Trial Balance

December 31, 2016

Dr. Cr.

Cash $ 775,000

Accounts receivable (net) 2,695,000

Inventory 2,085,000

Property, plant, and equipment (net) 7,566,000

Accounts payable and accrued liabilities $ 501,000

Income taxes payable 654,000

Notes Payable 1,200,000

Deferred income tax liability 85,000

Common stock 2,350,000

Additional paid-in capital 3,680,000

Retained earnings, 1/1/16 3,450,000

Net sales and other revenues 13,560,000

Costs and expenses 11,180,000

Income tax expenses 1,179,000

$25,480,000 $25,480,000

Other financial data for the year ended December 31, 2016:

The notes receivable is payable in annual installments of $400,000. The last payment is due January 1, 2019.

Prepare Reese's December 31, 2016 balance sheet, including ending retained earnings.

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