Question

R. Fed Enterprises Adjusted Trial Balance 2/28/19
Cash	$ 8,200
Accounts Receivable	13,100
Merchandise Inventory	58,000
Store Supplies	1,300
Equipment	45,400
Accum. Depreciation-Equip.		$ 17,600
Accounts Payable		8,000
Salaries Payable		2,500
Common Stock		20,000
Retained Earnings		32,400
Dividends	8,000
Sales		353,350
Sales Discounts	4,100
Sales Returns & Allowances	6,000
Cost of Goods Sold	155,900
Depreciation Expense	6,700
Salaries Expense	62,000
Insurance Expense	8,000
Rent Expense	20,000
Store Supplies Expense	4,750
Advertising Expense	32,400
	$ 433,850	$ 433,850

Calculate the following:

Total Assets, Net Income, Total Liabilities, Ending Retained Earnings, Total Expenses, How many asset accounts? Net Sales, How many liability accounts? Gross Profit, How many expense accounts?

Answer 1

Total Assets	$1,08,400
Net Income	$53,500
Total Liabilities	$10,500
Ending Retained earnings	$77,900
Total expenses	$1,33,850
Number of asset accounts	5
Net sales	$3,43,250
Number of liability accounts	2
Gross profit	$1,87,350
Number of expense accounts	6

1.

Cash	$8,200
Accounts receivable	$13,100
Merchandise inventory	$58,000
Store supplies	$1,300
Equipment	$45,400
Less: Accum. Depreciation-Equip.	$17,600
Total Assets	$1,08,400

2.

Sales	$3,53,350
Less: Sales Discount	-$4,100
Less: Sales Returns and allowances	-$6,000
Net sales	$3,43,250
Less: Cost of goods sold	-$1,55,900
Gross profit	$1,87,350
Expenses:
Depreciation expense	$6,700
Salaries expense	$62,000
Insurance expense	$8,000
Rent expense	$20,000
Store supplies expense	$4,750
Advertising expense	$32,400
Total expenses	$1,33,850
Net Income	$53,500

3.

Retained earnings	$32,400
Add: Net income	$53,500
Less: Dividend	$8,000
Ending Retained earnings	$77,900

4.

Accounts payable	$8,000
Salaries payable	$2,500
Total Liabilities	$10,500