Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Image 1below is the complete trail balance worksheet , please help me complete the income statement in the second image. I'm only not sure how

Image 1below is the complete trail balance worksheet, please help me complete the income statement in the second image. I'm only not sure how to get the cost of goods and gross profit. Please show the formulas for cost of goods cell and its % Sales cell, as well as showing formulas for gross profit cell and its % of sales cell. Also, enter numbers at any other cell that has a "?". Thanks.
image text in transcribed
image text in transcribed
Silver Tone Partners, Inc. Trial Balance Worksheet 12/31115 1231116 123116 Debit 10000-Cash-Checking 310,000 2000-Accounts Receivable 46,750 13200-Inentory 9 15000 -Furniture and E 6,250 3,000 017000-Accumulated eprecaon 2500 18000-Prepaid Rent 218700-Prepaid Insurance 3,000 1,000 4,000 9,000 20000-Accounts Payable 42,500 2,000 38,000 4 21000-Payroll Payable 8,000 15 23000-Accrued E-penses 16 24000-Note Payable Current 12000 8000 12,000 88,000 1,000 12,000 28000- Note Payable Long Term 18 30100-Capital Stock 1930200-Dvidends Paid 2,000 2000 4,000 2032000-Retained Earnings 210.000 378,750 210,000 210,000 10,500 220,500 147900-Sal 378,750 51000-Cost of Goods Sold 53,750 2000 17,500 10,000 163,750 2,000 17,500 0,000 362400-Depreciation Expense 463300-Insurance Expense ,000 9,000 8500 63400-Interost Expense 64300-Meals and Entertainment 400 4900-Office Supples 65600-Paynoll Expenses 102.000 8,000 2 66700Professional Fees 66750 -Rent Expense ,00042,300 17,000 42,300 7 000 43.300 68400-Travel Expense 3260600-Utides S 256 500 256,500 741250 741250220002200071290 7512378 750 378 70383000 383000

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

Step: 3

blur-text-image

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

Frank Woods Business Accounting Volume 1

Authors: Frank Wood, Alan Sangster

10th Edition

9780273681496

More Books

Students also viewed these Accounting questions

Question

How can managers develop a global network strategy?

Answered: 1 week ago

Question

Compute the derivative of f(x)cos(-4/5x)

Answered: 1 week ago

Question

Discuss the process involved in selection.

Answered: 1 week ago

Question

Differentiate tan(7x+9x-2.5)

Answered: 1 week ago

Question

Explain the sources of recruitment.

Answered: 1 week ago

Question

Differentiate sin(5x+2)

Answered: 1 week ago

Question

2. What appeals processes are open to this person?

Answered: 1 week ago

Question

4. How would you deal with the store manager?

Answered: 1 week ago