Easy Accounting project, accounting homework help

Project Data

The adjusted trial balance for Mowgli Corporation contained the following accounts at December 31, 2015 the end of the company’s fiscal year:

	Dr.	Cr.
Cash	$26,000
Accounts Receivable	$80,000
Inventory (beginning)	$25,000
Land	$9,000
Office equipment	$22,000
Accumulated Depreciation-equip.		$20,000
Building	$233,000
Accumulated Depreciation-Bldg.		$94,000
Patent	$16,000
Accounts Payable		$50,000
Interest Payable		$14,000
Unearned Revenue		$30,000
Notes Payable		$100,000
Capital		$60,000
Drawings	$9,000
Sales		$170,200
Sales Returns and Allowances	$2,500
Sales Discounts	$1,100
Purchases	$66,000
Purchases Returns and Allowances		$1,000
Purchase Discounts		$500
Freight-in	$300
Insurance Expense	$6,000
Interest Expense	$8,000
Repair Expense	$5,000
Salaries Expense	$17,600
Advertising Expense	$1,200
Depreciation Expense	$11,000
Utilities Expense	$1,000
	$539,700	$539,700

Other Information:

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).

Instructions

Prepare a classified balance sheet (20pts), multiple step income statement (20pts), statement of owners’ equity (5pts), and closing entry (5pts).