Answered step by step
Verified Expert Solution
Question
1 Approved Answer
following trial balance. Debit Credit Cash $18,000 Accounts Receivable 42,000 Merchandise Inventory 64,000 Supplies 18,000 Land 330,000 Accounts Payable $3,000 Notes Payable 22,000 Common Stock
following trial balance. Debit Credit Cash $18,000 Accounts Receivable 42,000 Merchandise Inventory 64,000 Supplies 18,000 Land 330,000 Accounts Payable $3,000 Notes Payable 22,000 Common Stock 361,000 Retained Earnings 23,000 Dividends 5,000 + OA. $63,000 OB. $74,000 C. $68,000 OD. $211,000 Notes Payable Common Stock Retained Earnings 22,000 361,000 23,000 Dividends 5,000 Sales Revenue 431,000 Cost of Goods Sold 220,000 Salaries Expense 15,000 Utilities Expense 67,000 Rent Expense 55,000 Interest Expense 6,000 Totals $840,000 $840,000 How much is the gross profit? OA. $63,000 OB. $74,000 OC. $68,000 OD. $211,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started