Settings Accessibility + On-Screen Keyboard + About + Refer to the following trial balance. Debit Credit...
Settings
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Refer to the following trial balance.
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Debit |
Credit |
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Cash |
$ 4 comma 000$4,000 |
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Accounts Receivable |
13 comma 00013,000 |
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Inventory |
20 comma 00020,000 |
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Supplies |
6 comma 0006,000 |
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Land |
140 comma 000140,000 |
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Accounts Payable |
$ 4 comma 000$4,000 |
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Notes Payable |
24 comma 00024,000 |
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Common Stock |
116 comma 000116,000 |
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Retained Earnings |
11 comma 00011,000 |
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Dividends |
2 comma 0002,000 |
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Sales Revenue |
170 comma 000170,000 |
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Sales Discounts Forfeited |
3 comma 0003,000 |
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Cost of Goods Sold |
83 comma 00083,000 |
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Delivery Expense |
5 comma 0005,000 |
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Salaries Expense |
8 comma 0008,000 |
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Utilities Expense |
24 comma 00024,000 |
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Rent Expense |
20 comma 00020,000 |
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Interest Expense |
3 comma 0003,000 |
________ |
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Totals |
$328 comma 000328,000 |
$328 comma 000328,000 |
How much is the gross profit?
Homework Answers
Gross Profit
Gross Profit = Net Sales – Cost of goods sold
= $170,000 - $83,000
= $87,000
NOTE
The Sales discount forfeited account will be the part of the Other revenues
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Refer to the following trial balance.
Debit
Credit...
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Refer to the following trial balance. Credit Debit $19,000 43,000 65,000 15,000 320,000 Cash Accounts Receivable Merchandise Inventory Supplies Land Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Sales Revenue Cost of Goods Sold Salaries Expense Utilities Expense Rent Expense Interest Expense Totals $3,000 25,000 293,000 22,000 6.00 465,000 200,000 15,000 68,000 53,000 __4.000 $808,000 $808,000 How much is the gross profit? O A. $129,000 B. $119,000 O C. $125,000 D. $265,000
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