Accounting balance sheet, economics homework help

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).


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

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