Project DataThe adjusted trial balance for Mowgli Corporationcontained the following accounts at December 31, 2015 the end of the company’sfiscal year:Dr.Cr.Cash$30,000 Accounts Receivable$60,000 Inventory (beginning)$30,000 Land$9,000 Office equipment$22,000 Accumulated Depreciation-equip.$20,000 Building$229,000 Accumulated Depreciation-Bldg.$94,000 Patent$11,000 Accounts Payable$50,000 Interest Payable$14,000 Unearned Revenue$30,000 Notes Payable$100,000 Capital$60,000 Drawings$9,000 Sales$150,200 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 $519,700 $519,700 OtherInformation:· Inventory on hand at December31, 2015 is $35,000 (Hint: this is endinginventory).· Administrative expenses includethe following: Insurance expense, Repair Expense, Utilities expense, andDepreciation expense. · Selling expenses include thefollowing: Advertising expense and Salaries expense.· $20,000 of the Notes Payable ispayable next year (Hint: classifiedas current).InstructionsPreparea classified balance sheet (20pts), multiple step income statement (20pts),statement of owners’ equity (5pts), and closing entry (5pts).
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