A physical inventory taken at year end indicated that there was
$125,000 on hand. The Estimated Returns Inventory is $8,200.
Depreciation for the year is $24,500. On December 31, the close of
the fiscal year, the balances of selected accounts appearing in the
ledger of Broxton Gallery, an art retailer, are as follows:
Accumulated Depr.-Building
$365,000
Inventory
$115,000
Administrative Expenses
440,000
Notes Payable
100,000
Building
810,000
Purchases
810,000
Retained Earnings
455,000
Purchases Returns and Allowances
2,500
Cash
78,000
Sales...