Module 5 Checkpoint #3 Name Listed below is the adjusted trial balance of Peanuts Company at the end of the year, December 31. DR CR Cash 820 Accounts Receivable 280 Supplies 80 Prepaid Insurance 120 Merchandise Inventory 174 Equipment 1,200 Accum. Depr.-Equip. 400 Building 3,400 Accum. Depr.-Bldng. 700 Land 600 Accounts Payable 340 Salaries Payable 50 Interest Payable 20 Long-Term Notes Payable 1.100 Common Stock 1,300 Retained Earnings 2,330 Dividends Declared 980 Sales 18,700 Sales Returns & Allowances 940 Sales Discounts 550 Cost of Goods Sold Expense 10,326 Selling Expenses 3,300 Administrative Expenses 2,160 Rent Revenue 70 Interest Expense 80 25,010 25,010 REQUIRED: A. Compute the following amounts: 1. Income Statement: Net Sales Cost of Goods Sold Gross Profit Gross Profit Rate Total Operating Expenses Operating Income Net Income 2. Schedule of Cost of Goods Sold The following additional information is available: Beginning Inventory S160; Purchases $11,160; Purchase Returns and Allowances $1,180; Purchase Discounts $420; and Freight-In $780. Prepare a schedule of cost of goods sold: 3. Statement of Retained Earnings: Ending Retained Earnings 4. Balance Sheet: Current Assets Plant Assets Total Assets Current Liabilities Long-Term Liabilities Total Liabilities Total Stockholders' Equity Total Liabilities & Stockholders' Equity