Settings Accessibility + On-Screen Keyboard + About + Refer to the following trial balance. Debit Credit...
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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.
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