On December 31, 2020, Wingate Emporium finished its second year of operations. During the year, David Wingate invested an additional $20,000 in the business and $24,000 of the long-term not payable is due June 30, 2021. Wingate Emporium'saccountant has finalized the company's records and provided the following adjusted account balances. Note: all accounts have normal balance.

Account

Balance

Account

Balance

Accounts Payable

$16,000

Office Equipment

$4,200

Accounts Receivable

41,200

Office salaries expense

25,300

Accumulated depreciation, office equipment

1,400

Office supplies expense

1,800

Accumulated depreciation, store equipment

6,000

PrepaidInsurance

800

Advertising expense

11,300

Rent expense, office space

900

Cash

28,200

Rent expense, selling space

8,100

Cost of goods sold

230,400

Rent Revenue

2,800

David Wingate, Capital

180,160

Salaries Payable

800

David Wingate, Withdrawals

4,000

Sales

321,000

Depreciation expense, office equipment

700

Sales discounts

4,300

Depreciation expense, store equipment

3,000

Sales returns and allowances

2,000

Insurance expense

600

Sales salaries expense

18,500

Interest expense

360

Store Equipment

60,000

Land not currently used in operations

100,000

Store supplies expense

1,200

Long-term Note Payable, due June 30, 2021

120,000

Supplies

2,300

Merchandise Inventory

29,000

Trademark

70,000

REQUIRED:

Using the above information, calculate each of the following:

1. Net Sales

11. Current assets

1. Gross profit from sales

12. Non-current investments

1. Total selling expenses

13. Book value of the Office Equipment

1. Total general & administrative expenses

14. Property, plant, and equipment

1. Total operating expenses

15. Intangibles

1. Profit from operations

16. Total Assets

1. Total other revenue & expenses

17. Current liabilities

1. Profit

18. Non-current liabilities

1. Beginning capital

19. Total liabilities

10.Ending capital

20. Total liabilities and equity

Note: Supporting calculations are required for full/part marks.

Essay

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