Johnny Singh Corporation. Selected data follows:
Sales and expense data for the year ended 12/31/16:
Gross revenue $51,095,000; Returns $3,380,000
Selling expenses:
Payroll $4,431,000; benefits $1,650,000, travel $420,200; supplies $560,350, commissions $622,300, marketing $790,000, postage $292,100, misc $182,300.
Administrative expenses:
Distribution $1,712,310, warehouse $1,020,220, IT $516,420, finance $615,270, human resources $285,450; administrative $530,600, depreciation $156,100.
Other Gains and Losses
Sold a marketable security at a loss of $113,200
Sold a building at a gain of $102,200.
Irregular Items:
Loss on sale of discontinued division of $875,000 before tax effect.
Tax rates: 35% for both companies:
Outstanding shares of common stock:
3,100,000 $1PV shares authorized, 950,000 shares issued and outstanding.
Dividends: company paid cash dividends of $1.50 per share.
Selected Balance Sheet Information:
Cash $2,310,000 Marketable securities (at cost $652,430, at fair value $699,400)
Account receivable (gross $2,935,400 less allowance for doubtful accounts of $172,300);
Prepaid expenses $61,310. Plant assets at cost $19,240,000, accumulated depreciation $8,245,000.
Accounts payable, $693,450, accrued expense payable $201,220,
bonds payable $1,809,466, Capital stock $2,210,000,
beginning retained earnings $1,850,500.
Finished goods inventory, opening balance $322,640, purchases $14,892,400, ending balance $285,420.
Required:
1) Prepare a classified balance sheet. Please show all calculations.