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P5-6 Preparing Both an Income Statement and a Balance Sheet from a Trial Balance LO5-3...

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Accounting

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P5-6 Preparing Both an Income Statement and a Balance Sheet from a Trial Balance LO5-3 The following information applies to the questions displayed below.] Jordan Sales Company (organized as a corporation on April 1, 2014) has completed the accounting cycle for the second year, ended March 31, 2016. Jordan also has completed a correct trial balance as follows JORDAN SALES COMPANY Trial Balance At March 31, 2016 Account Titles Debit Credit $58,200 Cash Accounts receivable Office supplies inventory Automobiles (company cars) Accumulated depreciation, automobiles Office equipment Accumulated depreciation, office equipment Accounts payable Income taxes payable Salaries and commissions payable Note payable, long-term Capital stock (par $1; 32,100 shares) Paid-in capital Retained earnings (on April 1, 2015) Dividends declared and paid during the current year Sales revenue Cost of goods sold Operating expenses (detail omitted to conserve time) Depreciation expense (on autos and including $500 on office equipment) Interest expense Income tax expense (not yet computed) Totals 49,200 1,200 34,000 $13,100 3,500 1,000 21,000 0 1,500 32,000 32,100 4,500 6,500 11,000 32,900 7,200 104,200 600 $ 215,900 $215,900

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