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1600 Salaries Payable On December 31, 2020, Subway Group finished its second year of operations. Early in 2020. Joe Tripodi invested an additional $55,000 in
1600 Salaries Payable On December 31, 2020, Subway Group finished its second year of operations. Early in 2020. Joe Tripodi invested an additional $55,000 in the business and $40,000 of the long-term note payable is due November 30, 2021. Subway Group's accountant has finalized the company's records and provided the following adjusted account balances. Note: all accounts have normal balance. Account Balance Account Balance Accounts Payable $ 22,400 Merchandise $ 51,300 Inventory Accounts Receivable 72,800 Note Receivable, 80,000 Due December 31, 2022 Accumulated 3.200 Office Equipment 19,200 depreciation, office equipment Accumulated 10,000 Office salaries 31,600 depreciation, store expense equipment Advertising expense 20.000 Office supplies expense Cash 39.450 Prepaid Rent 13,150 Copyright 90.000 Rent expense, office 14.050 space Cost of goods sold 296,920 Rent expense, 59.750 selling space Depreciation 2.700 expense, office equipment Depreciation 10.000 Sales 579,320 expense, store equipment Insurance expense 8.400 Sales discounts 3,800 Interest expense 9,000 Sales returns and 6,000 allowances Investment Income 10,800 Sales salaries 23,200 expense Joe ripodi, Capital 150,250 Store Equipment 100.000 Joe Tripodi, 21,600 Store supplies 2,100 Withdrawals expense Long-term Note 200.000 Supplies 3,850 Payable, due November 30, 2024 REQUIRED: Using the above information, calculate each of the following: 11. Current assets 1. Net Sales 12. Non-current investments 2. Gross profit from sales 13. Book value of the Office Equipment 3. Total selling expenses 14. Property, plant, and equipment 4. Total general & administrative expenses 15. Intangibles 5. Total operating expenses 16. Total Assets 6. Profit from operations 17. Current liabilities 7. Total other revenue & expenses 18. Non-current liabilities 8. Profit 19. Total liabilities 9. Beginning capital 10. Ending capital 20. Total liabilities and equity Note: Supporting calculations are required for full/part marks
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