THE Company reported the following account balances at December 31, 2026: |||Utilities Expense $33,000||| |||Inventory $47,000|||...
THE Company reported the following account balances at December 31, 2026: |||Utilities Expense $33,000||| |||Inventory $47,000||| |||Unearned Revenue $35,000||| |||Retained Earnings $52,000||| (at January 1, 2026) |||Income Tax Expense $24,000||| |||Accounts Payable $51,000||| |||Cost of Goods Sold $38,000||| |||Cash $21,000||| |||Utilities Payable $19,000||| |||Common Stock $71,000||| |||Building $74,000||| |||Service Revenue $55,000||| |||Accounts Receivable $69,000||| |||Equipment $61,000||| |||Sales Revenue $96,000||| |||Dividends $17,000||| |||Patent $42,000||| |||Notes Payable $88,000||| |||Loss on Sale of Land $26,000||| |||Supplies $15,000||| Calculate the amount of gross profit reported by THE Company in its 2026 income statement.
Homework Answers
Gross profit is equal to=Sales-Cost of goods sold
=96000-38000
which is equal to
=$58000
Add Answer to:
THE Company reported the following account balances
at December 31, 2026:
|||Utilities Expense $33,000|||
|||Inventory $47,000|||...
TY-9c Company reported the following account balances at December 31, 2026: Utilities Expense $33,000 Inventory $47,000...
TY-9c Company reported the following account balances at December 31, 2026: Utilities Expense $33,000 Inventory $47,000 Unearned Revenue $35,000 Retained Earnings $52,000 (at January 1, 2026) Income Tax Expense $24,000 Accounts Payable $51,000 Cost of Goods Sold $38,000 Cash $21,000 Utilities Payable $19,000 Common Stock $71,000 Building $74,000 Service Revenue $55,000 Accounts Receivable $69,000 Equipment $61,000 Sales Revenue $96,000 Dividends $17,000 Patent $42,000 Notes Payable $88,000 Loss on Sale of Land $26,000 Supplies $15,000 Calculate the amount of gross profit...
Company reported the following account balances at December 31, 2026: Utilities Expense $33,000 Inventory $47,000 Unearned...
Company reported the following account balances at December 31, 2026: Utilities Expense $33,000 Inventory $47,000 Unearned Revenue $35,000 Retained Earnings $52,000 (at January 1, 2026) Income Tax Expense $24,000 Accounts Payable $51,000 Cost of Goods Sold $38,000 Cash $21,000 Utilities Payable $19,000 Common Stock $71,000 Building $74,000 Service Revenue $55,000 Accounts Receivable $69,000 Equipment $61,000 Sales Revenue $96,000 Dividends $17,000 Patent $42,000 Notes Payable $88,000 Loss on Sale of Land $26,000 Supplies $15,000 Calculate : gross profit reported by Company...
TY-9c Company reported the following account balances at December 31, 2026: Utilities Expense $33,000 Inventory $47,000...
TY-9c Company reported the following account balances at December 31, 2026: Utilities Expense $33,000 Inventory $47,000 Unearned Revenue $35,000 Retained Earnings $52,000 (at January 1, 2026) Income Tax Expense $24,000 Accounts Payable $51,000 Cost of Goods Sold $38,000 Cash $21,000 Utilities Payable $19,000 Common Stock $71,000 Building $74,000 Service Revenue $55,000 Accounts Receivable $69,000 Equipment $61,000 Sales Revenue $96,000 Dividends $17,000 Patent $42,000 Notes Payable $88,000 Loss on Sale of Land $26,000 Supplies $15,000 The retained earnings balance at December...
TY-9c Company reported the following account balances at December 31, 2026: Utilities Expense $33,000 Inventory $47,000...
TY-9c Company reported the following account balances at December 31, 2026: Utilities Expense $33,000 Inventory $47,000 Unearned Revenue $35,000 Retained Earnings $52,000 (at January 1, 2026) Income Tax Expense $24,000 Accounts Payable $51,000 Cost of Goods Sold $38,000 Cash $21,000 Utilities Payable $19,000 Common Stock $71,000 Building $74,000 Service Revenue $55,000 Accounts Receivable $69,000 Equipment $61,000 Sales Revenue $96,000 Dividends $17,000 Patent $42,000 Notes Payable $88,000 Loss on Sale of Land $26,000 Supplies $15,000 The total current assets reported by...
The following account balances were taken from DJR Company’s accounting records at December 31, 2021: Accounts...
The following account balances were taken from DJR Company’s
accounting records at December 31, 2021:
Accounts Payable ............ $69,000
Accounts Receivable ......... $56,000
Advertising Expense ......... $33,000
Building .................... $94,000
Cash ........................ $31,000
Common Stock ................ $82,000
Cost of Goods Sold .......... $30,000
Dividends ................... $19,000
Equipment ................... $86,000
Income Tax Expense .......... $17,000
Interest Expense ............ $11,000
Inventory ................... $54,000
Notes Payable ............... $96,000
Rental Revenue .............. $62,000
Retained Earnings ........... $60,000 (at January 1, 2021)
Salaries Expense ...............
DG-2PC Company reported the following accounts in its unadjusted trial balance at December 31, 2026: Dividends...
DG-2PC Company reported the following accounts in its unadjusted trial balance at December 31, 2026: Dividends Income Tax Expense Salaries Expense Rental Revenue Retained Earnings Cash Supplies Cost of Goods Sold Unearned Revenue Accounts Receivable Notes Payable Land Accounts Payable Trademark Inventory Sales Revenue Common Stock $ 14,000 $ 25,000 $ 31,000 $ 33,000 $ 35,000 (at January 1, 2026) $ 44,000 $ 46,000 $ 47,000 $ 50,000 $ 56,000 $ 60,000 $ 61,000 $ 75,000 $ 79,000 $ 86,000...
DG-2pC Company reported the following accounts in its unadjusted trial balance at December 31, 2026: Dividends...
DG-2pC Company reported the following accounts in its unadjusted trial balance at December 31, 2026: Dividends Income Tax Expense Salaries Expense Rental Revenue Retained Earnings Cash Supplies Cost of Goods Sold Unearned Revenue Accounts Receivable Notes Payable Land Accounts Payable Trademark Inventory Sales Revenue Common Stock $ 14,000 $ 25,000 $ 31,000 $ 33,000 $ 35,000 (at January 1, 2026) $ 44,000 $ 46,000 $ 47,000 $ 50,000 $ 56,000 $ 60,000 $ 61,000 $ 75,000 $ 79,000 $ 86,000...
DG-2pc Company reported the following accounts in its unadjusted trial balance at December 31, 2026: Dividends...
DG-2pc Company reported the following accounts in its unadjusted trial balance at December 31, 2026: Dividends Income Tax Expense Salaries Expense Rental Revenue Retained Earnings Cash Supplies Cost of Goods Sold Unearned Revenue Accounts Receivable Notes Payable $ 14,000 $ 25,000 $ 31,000 $ 33,000 $ 35,000 (at January 1, 2026) $ 44,000 $ 46,000 $ 47,000 $ 50,000 $ 56,000 $ 60,000 $ 61,000 $ 75,000 $ 79,000 $ 86,000 $117,000 $119,000 Land ... Accounts Payable Trademark Inventory Sales...
DG-2pC Company reported the following accounts in its unadjusted trial balance at December 31, 2026: Dividends...
DG-2pC Company reported the following accounts in its unadjusted trial balance at December 31, 2026: Dividends Income Tax Expense Salaries Expense Rental Revenue Retained Earnings Cash Supplies Cost of Goods Sold Unearned Revenue Accounts Receivable Notes Payable Land Accounts Payable Trademark Inventory Sales Revenue Common Stock $ 14,000 $ 25,000 $ 31,000 $ 33,000 $ 35,000 (at January 1, 2026) $ 44,000 $ 46,000 $ 47,000 $ 50,000 $ 56,000 $ 60,000 $ 61,000 $ 75,000 $ 79,000 $ 86,000...
A9-JY Corporation reported the following account balances at December 31, 2029: Depreciation Expense Copyright Gain on...
A9-JY Corporation reported the following account balances at December 31, 2029: Depreciation Expense Copyright Gain on Sale of Building Dividends Utilities Payable Rental Revenue Income Tax Expense Cash Utilities Expense Accumulated Depreciation Supplies Retained Earnings Unearned Revenue Cost of Goods Sold Accounts Receivable Accounts Payable Land Notes Payable Inventory Common Stock Equipment Sales Revenue $14,000 $16,000 $18,000 $19,000 $20,000 $23,000 $24,000 $28,000 $31,000 $32,000 $33,000 $41,000 (at January 1, 2029) $42,000 $43,000 $44,900 $49,800 $56,000 $60,000 $64,000 $72,000 $79,000 $94,800...
The following account balances were taken from DJR Company’s
accounting records at December 31, 2021:
Accounts Payable ............ $69,000
Accounts Receivable ......... $56,000
Advertising Expense ......... $33,000
Building .................... $94,000
Cash ........................ $31,000
Common Stock ................ $82,000
Cost of Goods Sold .......... $30,000
Dividends ................... $19,000
Equipment ................... $86,000
Income Tax Expense .......... $17,000
Interest Expense ............ $11,000
Inventory ................... $54,000
Notes Payable ............... $96,000
Rental Revenue .............. $62,000
Retained Earnings ........... $60,000 (at January 1, 2021)
Salaries Expense ...............
DG-2PC Company reported the following accounts in its unadjusted trial balance at December 31, 2026: Dividends Income Tax Expense Salaries Expense Rental Revenue Retained Earnings Cash Supplies Cost of Goods Sold Unearned Revenue Accounts Receivable Notes Payable Land Accounts Payable Trademark Inventory Sales Revenue Common Stock $ 14,000 $ 25,000 $ 31,000 $ 33,000 $ 35,000 (at January 1, 2026) $ 44,000 $ 46,000 $ 47,000 $ 50,000 $ 56,000 $ 60,000 $ 61,000 $ 75,000 $ 79,000 $ 86,000...
DG-2pC Company reported the following accounts in its unadjusted trial balance at December 31, 2026: Dividends Income Tax Expense Salaries Expense Rental Revenue Retained Earnings Cash Supplies Cost of Goods Sold Unearned Revenue Accounts Receivable Notes Payable Land Accounts Payable Trademark Inventory Sales Revenue Common Stock $ 14,000 $ 25,000 $ 31,000 $ 33,000 $ 35,000 (at January 1, 2026) $ 44,000 $ 46,000 $ 47,000 $ 50,000 $ 56,000 $ 60,000 $ 61,000 $ 75,000 $ 79,000 $ 86,000...
DG-2pc Company reported the following accounts in its unadjusted trial balance at December 31, 2026: Dividends Income Tax Expense Salaries Expense Rental Revenue Retained Earnings Cash Supplies Cost of Goods Sold Unearned Revenue Accounts Receivable Notes Payable $ 14,000 $ 25,000 $ 31,000 $ 33,000 $ 35,000 (at January 1, 2026) $ 44,000 $ 46,000 $ 47,000 $ 50,000 $ 56,000 $ 60,000 $ 61,000 $ 75,000 $ 79,000 $ 86,000 $117,000 $119,000 Land ... Accounts Payable Trademark Inventory Sales...
DG-2pC Company reported the following accounts in its unadjusted trial balance at December 31, 2026: Dividends Income Tax Expense Salaries Expense Rental Revenue Retained Earnings Cash Supplies Cost of Goods Sold Unearned Revenue Accounts Receivable Notes Payable Land Accounts Payable Trademark Inventory Sales Revenue Common Stock $ 14,000 $ 25,000 $ 31,000 $ 33,000 $ 35,000 (at January 1, 2026) $ 44,000 $ 46,000 $ 47,000 $ 50,000 $ 56,000 $ 60,000 $ 61,000 $ 75,000 $ 79,000 $ 86,000...
A9-JY Corporation reported the following account balances at December 31, 2029: Depreciation Expense Copyright Gain on Sale of Building Dividends Utilities Payable Rental Revenue Income Tax Expense Cash Utilities Expense Accumulated Depreciation Supplies Retained Earnings Unearned Revenue Cost of Goods Sold Accounts Receivable Accounts Payable Land Notes Payable Inventory Common Stock Equipment Sales Revenue $14,000 $16,000 $18,000 $19,000 $20,000 $23,000 $24,000 $28,000 $31,000 $32,000 $33,000 $41,000 (at January 1, 2029) $42,000 $43,000 $44,900 $49,800 $56,000 $60,000 $64,000 $72,000 $79,000 $94,800...
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