Tungsten Company, Inc., sells heavy construction equipment. There are 10,000 shares of capital stock outstanding. Find the annual fiscal period ends on December 31. The following condensed trial balance was taken from the general ledger on December 31, 2014:
|
Account Titles
|
Debit
|
Credit
|
|
Cash
|
$
|
33,600
|
|
|
|
Accounts receivable (net)
|
|
14,400
|
|
|
|
Inventory, ending
|
|
52,000
|
|
|
|
Operational assets
|
|
40,000
|
|
|
|
Accumulated depreciation
|
|
|
$
|
16,800
|
|
Liabilities
|
|
|
|
24,000
|
|
Capital stock
|
|
|
|
72,000
|
|
Retained earnings, January 1, 2014
|
|
|
|
9,280
|
|
Sales revenue
|
|
|
|
147,100
|
|
Sales returns and allowances
|
|
5,600
|
|
|
|
Cost of goods sold
|
|
78,400
|
|
|
|
Selling expense
|
|
14,100
|
|
|
|
Administrative expense
|
|
15,400
|
|
|
|
Bad debt expense
|
|
1,600
|
|
|
|
Sales discounts
|
|
6,400
|
|
|
|
Income tax expense
|
|
7,680
|
|
|
|
Totals
|
$
|
269,180
|
$
|
269,180
|