Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cara's Cookie Company Adjusted Trial Balance (Selected Accounts) For the Current Year Ended Account Debit Credit Common Stock (no par): Beginning Balance $458,000 Retained Earnings:

Cara's Cookie Company
Adjusted Trial Balance (Selected Accounts)
For the Current Year Ended
Account Debit Credit
Common Stock (no par): Beginning Balance $458,000
Retained Earnings: Beginning Balance 1,400,000
Accumulated Other Comprehensive Income: Beginning Balance $57,000
Dividends 61,000
Sales 3,200,000
Interest Income 3,800
Dividend Income 3,400
Gain on Disposal of Plant Assets 84,000
Unrealized Gain on Trading Securities 45,000
Gain on Sale of Discontinued OperationsBefore Tax 72,000
Unrealized Gain on Available-for-Sale BondsBefore Tax 4,100
Cost of Goods Sold 590,000
Selling Expenses 43,000
Office Salaries Expense 81,000
Legal Fees-General 10,000
Sales Salaries Expense 39,000
Advertising Expense 29,000
Office Supplies Expense 64,000
Accounting FeesAdministrative 24,000
Amortization ExpenseGeneral 24,000
Depreciation ExpenseGeneral 31,000
Interest Expense 8,300
Loss on Asset Impairment 9,000

make corrections please:

image text in transcribed

\begin{tabular}{|c|c|c|c|} \hline Amortization Expense-General & & 24,000 & \\ \hline Depreciation ExpenseGeneral & & 31,000 & (234,000) \\ \hline Operating Income & & & $2,265,000 \\ \hline Seling Expenses: & & & \\ \hline Interest Income & & 3,800 & \\ \hline Dividend Income & & 3,400 & \\ \hline Gain on Disposal of PlantAssets & & 84,000 & \\ \hline Unrealized Gain on Trading Securities & & 45000 & 136200 \\ \hline Operating Expenses: & & & \\ \hline Income Tax Expense & & 8300 & \\ \hline Interest Expense & & (8,300) & \\ \hline Loss on Asset Impairment & & & -9000 \\ \hline Income From Continuing Operations Before Tax & & & 2455900 \\ \hline Operating Income & & & \\ \hline Income Tax Expense & & & 736770 \\ \hline Net Income & & & S 1,719,130 \\ \hline \end{tabular}

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Information For Decisions

Authors: Robert w Ingram, Thomas L Albright

6th Edition

9780324313413, 324672705, 324313411, 978-0324672701

More Books

Students also viewed these Accounting questions

Question

Describe the new structures for the HRM function. page 676

Answered: 1 week ago