Question
Income Statement Sales $910,000.00 COGS $290,000.00 prepare balance sheet Gross Profit $620,000.00 Operating Expenses: Lease $18,000.00 Wage Expense $82,000.00 Total Operating Expenses $100,000.00 Net Income:
Income Statement Sales $910,000.00 COGS $290,000.00 prepare balance sheet Gross Profit $620,000.00 Operating Expenses: Lease $18,000.00 Wage Expense $82,000.00 Total Operating Expenses $100,000.00 Net Income: $520,000.00 Statement of Retained Earnings Beginging Retained Earnings AddL Net Income $520,000.00 Less: Divdidends $38,000.00 End of Retained Earnings: $482,000.00
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SOLUTION Balance Sheet Assets Cash 910000 this is the gross profit of 620000 plus the net income of ...
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Managerial Accounting
Authors: Karen W. Braun, Wendy M. Tietz
3rd edition
132890542, 978-0132890540
