Answer is 2,060,000
Sales | 8700000 | |
Less: Sales discount | (100000) | |
Less: Sales returns & Allowances | (300000) | |
Net Sales | 8300000 | |
Other Income | ||
Dividend Revenue | 40000 | |
Gain on sale of PP$E | 700000 | |
Interest Revenue | 20000 | 760000 |
Total Income | 9060000 | |
Expenses | ||
Cost of goods sold | 1400000 | |
Depreciation Expense | 275000 | |
Advertising Expense | 2200000 | |
Baddebt Expense | 20000 | |
Discontinued operation loss | 460000 | |
Interest Expense | 75000 | |
Loss on sale of land | 350000 | |
Coffee Expense | 100000 | |
Salaries Expense | 1600000 | (6480000) |
Income Before tax | 2580000 | |
Tax @20% | (516000) | |
Net Income | 2,060,000 |
accounts have normal balances) Accounts Payable Accumulated Depreciation Advertising Expense Bad Debt Expense Cash Cost of...
Only part c Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Advertising Expense Buildings Cash Casuality Loss from Vandalism Cost of Goods Sold Depreciation Expense Dividend Revenue Equipment Freight-In Freight-Out Income Summary Insurance Expense Interest Expense Interest Payable Interest Revenue Inventory Land Loss on Disposal of Plant Assets Maintenance and Repairs Expense Notes Payable Operating Expenses Owner's Capital Owner's Drawings Prepaid Insurance Property Tax Expense Property Taxes Payable Purchase Discounts Purchase Returns and Allowances Purchases Rent Expense Salaries and...
Partial Information Accounts Payable Accounts Receivable Accrued Liabilities Accumulated Depreciation Before Tax #s 255,000 650,000 750,000 252,000 10,000 Add. PIC - CIS Add. PIC-PIS Allowance for Doubtful Accounts 15,000 25,000 Amortization Expense - Patent Office Supplies Expense Bonds Payable 100,000 1.200,000 350,000 Cash Common Stock Customer Deposits 3,500,000 3,583,000 600,000 Cost of Goods Sold Depreciation Expense Discontinued Operations (Loss) 700,000 450,000 400,000 Discounts on Notes Payable Dividend Revenue 5.000 65.000 Loss on Sale of Equipment interest Expense 800,000 88.000 Interest...
Here are the accounts available: Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Leasehold Improvements Accumulated Depreciation - Machinery Accumulated Depreciation - Vehicles Advertising Expense Asset Retirement Obligation Buildings Cash Common Shares Contributed Surplus Contributed Surplus - Donated Capital Cost of Goods Sold Deferred Revenue - Government Grants Depreciation Expense Donation Revenue Equipment Finance Expense Finance Revenue Gain on Disposal of Building Gain on Disposal of Equipment Gain on Disposal of Machinery Gain...
Accounts Payable Accumulated Depreciation-Building Accumulated Depreciation-Leased Building Accumulated Depreciation-Capital Leases Accumulated Depreciation-Equipment Accumulated Depreciation-Leased Equipment Accumulated Depreciation-Leased Machinery Accumulated Depreciation-Machinery Advertising Expense Amortization Expense Airplanes Buildings Cash Cost of Goods Sold Deferred Gross Profit Deposit Liability Depreciation Expense Equipment Executory Costs Executory Costs Payable Gain on Disposal of Equipment Gain on Disposal of Plant Assets Gain on Lease Insurance Expense Interest Expense Interest Payable Interest Receivable Interest Revenue Inventory Land Leased Asset Leased Buildings Leased Equipment Lease Expense Leased Land...
Accounts Payable Accumulated Depreciation-Building Accumulated Depreciation-Leased Building Accumulated Depreciation-Capital Leases Accumulated Depreciation-Equipment Accumulated Depreciation-Leased Equipment Accumulated Depreciation-Leased Machinery Accumulated Depreciation-Machinery Advertising Expense Amortization Expense Airplanes Buildings Cash Cost of Goods Sold Deferred Gross Profit Deposit Liability Depreciation Expense Equipment Executory Costs Executory Costs Payable Gain on Disposal of Equipment Gain on Disposal of Plant Assets Gain on Lease Insurance Expense Interest Expense Interest Payable Interest Receivable Interest Revenue Inventory Land Leased Asset Leased Buildings Leased Equipment Lease Expense Leased Land...
Accounts Payable Cost of Goods Sold Gain on Sale of Equipment General and Admin Expense Loss from Discontinued Ope Salaries Payable Tax Expense $45,000 230,000 15,000 160,000 10,500 20,000 60,000 Blanton is preparing their multi-step income statement and have downloaded their income statement accounts. Two accounts were downloaded incorrectly and do not belong on the income statement (HINT: you have to identify the wrong accounts). These two replace the wrong accounts shown above: Selling Expenses 9,000 Sales Revenue 600,000 What...
Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable Service revenue Interest expense Common stock Income tax expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory Net sales $ 32,300 11,500 24,600 87,500 60,700 10,000 69,500 5,900 22,100 22,700 2,000 5,000 16,614 41,000 40,000 13,800 26,500 156,000 < Prev 3 of Required: o. Calculate the total current assets at December 31, 2019. b. Calculate the total liabilities and stockholders' equity at December 31,...
Journalize the closing entries Accounts Payable Accounts Receivable Accumulated Depr.-Equip. Cash Cost of Goods Sold $ 25,200 30,500 45,000 26,000 518,000 146,000 11,000 7,000 6,400 2,000 32,000 37,000 101,700 10,000 3,500 2,500 2,500 15,000 Equipment Depreciation Expense Insurance Expense Interest Expense Interest Revenue Inventory Notes Payable Owner's Capital Owner's Drawings Prepaid Insurance Property Tax Expense Property Taxes Payable Rent Expense Salaries and Wages Expense Sales Revenue 96,000 720,000 Sales Commissions Expense11,000 4,500 Sales Commissions Payable
Accounts Payable Cost of Goods Sold Gain on Sale of Equipment General and Admin Expense Loss from Discontinued Ope Salaries Payable Tax Expense $45,000 230,000 15,000 160,000 10,500 20,000 60,000 Blanton is preparing their multi-step income statement and have downloaded their income statement accounts. Two accounts were downloaded incorrectly and do not belong on the income statement (HINT: you have to identify the wrong accounts). These two replace the wrong accounts shown: Selling Expense. 15,000 Sales Revenue 600,000 What is...
Accounts Payable Cost of Goods Sold Gain on Sale of Equipment General and Admin Expense Loss from Discontinued Ope Salaries Payable Тах Expense $45,000 230,000 15,000 160,000 10,500 20,000 60,000 Blanton is preparing their multi-step income statement and have downloaded their income statement accounts. Two accounts were downloaded incorrectly and do not belong on the income statement (HINT: you have to identify the wrong accounts). These two replace the wrong accounts shown above: Selling Expenses 10,000 Sales Revenue 587,000 What...