The following selected accounts and their current balance for Peoples Inc. for the year ended December...

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The following selected accounts and their current balance for Peoples Inc. for the year ended December 31, 20X8. Additional information: Current portion of the Notes Payable: $ 17,625; additional Common Stock issued during the year: $ 7,500. $ Retained Earnings, Cash $ 485,300 110,100 beginning Balance Accounts Receivable 293,600 Dividends 65,900 Inventory 334,700 Sales 4,033,100 Estimated Returns 5,000 Cost of Goods Sold 2,332,900 Inventory Office Supplies 10,400 Sales Salaries Expense 656,000 Prepaid Insurance 8,000 Advertising Expense 180,400 Depreciation Expense - Office Equipment 242,300 35,100 Store Equipment Accumulated Depreciation Office 164,700 Miscellaneous Selling Expense 15,400 Equipment Store Equipment 756,400 Office Salaries Expense 358,100 Accumulated Depreciation - Store 242,300 Rent Expense 52,900 Equipment Store Equipment 756,400 Office Salaries Expense 358,100 Accumulated Depreciation - Store 242,300 Rent Expense 52,900 Equipment Depreciation Expense - Accounts Payable 167,700 26,400 Office Equipment Customer Refunds 10,000 Insurance Expense 16,400 Payable Salaries Payable 10,700 Office Supplies Expense 9,700 Notes Payable (final Miscellaneous 352,500 7,000 payment due 2024) Administrative Expense Common Stock 61,100 Interest Expense 10,700 1. What is the Gross Profit? 1700200 2. What is the total for Operating Expenses? 5410200 3. What is the Income from Operations? 4. What is the Net Income? 5. What is the ending balance for Retained Earnings? 6. What is the total for Stockholders' Equity? 7. What is the total for current assets? 8. What is the book value for: Office Equipment 77600 Store Equipment 514100 9. What is the total assets? 10. What is the current Liabilities? 11. What is the total Liabilities? 11. What is the total Liabilities? 12. What is the Working Capital? 13. What is the Current Ratio (round to one decimal place): 3.7 The following selected accounts and their current balance for Peoples Inc. for the year ended December 31, 20X8. Additional information: Current portion of the Notes Payable: $ 17,625; additional Common Stock issued during the year: $ 7,500. $ Retained Earnings, Cash $ 485,300 110,100 beginning Balance Accounts Receivable 293,600 Dividends 65,900 Inventory 334,700 Sales 4,033,100 Estimated Returns 5,000 Cost of Goods Sold 2,332,900 Inventory Office Supplies 10,400 Sales Salaries Expense 656,000 Prepaid Insurance 8,000 Advertising Expense 180,400 Depreciation Expense - Office Equipment 242,300 35,100 Store Equipment Accumulated Depreciation Office 164,700 Miscellaneous Selling Expense 15,400 Equipment Store Equipment 756,400 Office Salaries Expense 358,100 Accumulated Depreciation - Store 242,300 Rent Expense 52,900 Equipment Store Equipment 756,400 Office Salaries Expense 358,100 Accumulated Depreciation - Store 242,300 Rent Expense 52,900 Equipment Depreciation Expense - Accounts Payable 167,700 26,400 Office Equipment Customer Refunds 10,000 Insurance Expense 16,400 Payable Salaries Payable 10,700 Office Supplies Expense 9,700 Notes Payable (final Miscellaneous 352,500 7,000 payment due 2024) Administrative Expense Common Stock 61,100 Interest Expense 10,700 1. What is the Gross Profit? 1700200 2. What is the total for Operating Expenses? 5410200 3. What is the Income from Operations? 4. What is the Net Income? 5. What is the ending balance for Retained Earnings? 6. What is the total for Stockholders' Equity? 7. What is the total for current assets? 8. What is the book value for: Office Equipment 77600 Store Equipment 514100 9. What is the total assets? 10. What is the current Liabilities? 11. What is the total Liabilities? 11. What is the total Liabilities? 12. What is the Working Capital? 13. What is the Current Ratio (round to one decimal place): 3.7

Answer rating: 100% (QA)

The image presents a series of financial accounting problems based on the accounts and balances provided for Peoples Inc for the year ended December 31 20X8 I will solve each problem step by step wher... View the full answer