Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ed trial balance of Bennett Company Bennett Company Adjusted Trial Balance December 31, 2022 Debit Credit Cash $30,000 Accounts Receivable 40,000 Inventory 50,000 Prepaid Insurance

image text in transcribedimage text in transcribed ed trial balance of Bennett Company Bennett Company Adjusted Trial Balance December 31, 2022 Debit Credit Cash $30,000 Accounts Receivable 40,000 Inventory 50,000 Prepaid Insurance 2,500 Equipment 113,200 Accounts Payable $8,000 Salaries & Wages Payable 17,000 Owner's Capital 122,800 Owner's Drawings 15,000 Sales Revenue 630,500 Sales Returns and Allowances 19,300 Sales Discounts 9,000 Interest Revenue 3,000 Cost of Goods Sold 432,000 Utilities Expense 13,000 Freight-Out 3,300 Salaries and Wages Expense. 53.000 15,000 Sales Revenue 630,500 Sales Retums and Allowances 19.300 Sales Discounts 9.000 Interest Revenue 3,000 Cost of Goods Sold 432,000 Utilities Expense 13,000 Freight-Out 3.300 Salaries and Wages Expense Interest Expense 53,000 1,000 $781,300 $781.300 INSTRUCTIONS: Fill in the blanks with the appropriate information. DO NOT USE S SIGNS. USE COMMAS FOR NUMBERS WHERE NEEDED. FAILURE TO FOLLOW THESE INSTRUCTIONS WILL RESULT IN YOUR ANSWER TO BE INCORRECT. (NO $10000) (NO $10,000) (NO 10000) (YES 10,000) 1) Net Sales is: $ 2) Gross Profit is: $ 3) Income from Operations is: $ 4) Net Income is: $

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

Survey of Accounting

Authors: Carl S. Warren

8th edition

1305961889, 978-1337517386, 1337517380, 978-1305961883

More Books

Students also viewed these Accounting questions