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The adjusted trial balance for Mowgli Corporation contained the following accounts at December 31, 2015 the end of the company’s fiscal year:
Sales Returns and Allowances
Purchases Returns and Allowances
- Inventory on hand at December 31, 2015 is $40,000 (Hint: this is ending inventory).
- Administrative expenses include the following: Insurance expense, Repair Expense, Utilities expense, and Depreciation expense.
- Selling expenses include the following: Advertising expense and Salaries expense.
- $20,000 of the Notes Payable is payable next year (Hint: classified as current).
Prepare a classified balance sheet (20pts), multiple step income statement (20pts), statement of owners’ equity (5pts), and closing entry (5pts).