Instructions: 1. Using the trial balance below, prepare a balance sheet using the format on the right 2. All spaces highlighted in yellow should be filled in. 3. Do not change the formulas that are highlighted in blue. Cash20,000 Supplies Expense4,800 Cost of Goods Sold320,500 Rent Expense-for storage16,000 Sales3,995,000 Land200,000 Building1,500,000 Equipment621,000 Office Furniture53,000 Officer Salaries350,000 Income Taxes Payable9,400 Preferred Stock200,000 Office Salaries425,000 Advertising52,000 Office Supplies on hand3,000 Sales Retuns & Allowances22,100 Accumulated Depreciation45,000 Loan-Bank of America, due in 2024385,000 Depreciation Expense42,000 Inventory452,000 Accounts Receivable40,000 Sales Discounts16,200 Safety Incentives18,000 Income Tax Expense547,000 Goodwill110,000 Prepaid Expenses8,500 Utilities Expense35,000 Accounts Payable18,900 Allowance for Doubtful Accounts9,900 Accrued Wages10,500 Interest Expense24,000 Common Stock100,000 Retained Earnings85,600 Additional Paid in Capital-Common Stock80,000 Dividends32,000 Uniforms Expense4,800 Trade Show Expenses12,000 Treasury Stock8,000 State Inspection Fees2,400
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