On December 31, 20X1, the Income Statement columns of the worksheet for The Sax Shop contained the following information. Income Statement Columns Debit Credit Income Summary $40,000 $43,000 Sales $291,500 Sales Returns and Allowances $4,400 Sales Discounts $3,600 Interest Income $230 Purchases $135,200 Freight In $2,700 Purchases Returns and Allowances $1,500 Purchases Discounts $2,630 Rent Expense $24,000 Utilities Expense $3,630 Telephone Expense $1,940 Salaries Expense $67,100 Payroll Taxes Expense $5,370 Supplies Expense $1,580 Depreciation Expense $3,000 Interest Expense $420 Totals $292,940 $338,860
Assume further that the owner of the firm is Mark Fronke and that the Mark Fronke Drawing account had a balance of $39,700 on December 31, 20X1.