The following account balances were included in the trial balance of Tarzan, Inc. at March 31, 2021. Sales commissions 2

[answerhappygod]

The Following Account Balances Were Included In The Trial Balance Of Tarzan Inc At March 31 2021 Sales Commissions 2 1 (70.55 KiB) Viewed 84 times

The following account balances were included in the trial balance of Tarzan, Inc. at March 31, 2021. Sales commissions 292,800 Property tax expense 21,960 Office supplies used 10,350 Travel expense (salespersons) 86,790 Dividends declared on common stock 111,000 Sales discounts 93,450 Dividends received 114,000 Bad debt expense (selling) 14,550 Dividends declared on preferred stock 27,000 Maintenance and repairs expense (administration) 27,390 Depreciation expense (sales equipment) 14,940 Salaries and wages expense (sales) 168,780 Entertainment expense 44,460 Delivery expense 64,200 Sales revenue 4,735,500 Depreciation expense (office furniture and equipment) 21,750 Telephone and Internet expense (sales) 27,090 Interest expense 54,000 Cost of goods sold 2,690,310 Maintenance and repairs expense (sales) 18,600 Income tax expense 306,000 Office expense 18,000 Miscellaneous selling expenses 14,145 Telephone and Internet expense (administration) 8,460 Sales returns and allowances 186,900 Depreciation overstatement due to error—2017 (net of tax) 53,100 The Retained Earnings account had a balance of $1,011,000 at April 1, 2020. There are 80,000 shares of common stock outstanding. Instructions: a) Prepare an income statement, using the multiple-step form, for the year ended March 31, 2021. b) Prepare a retained earnings statement for the year ended March 31, 2021.