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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

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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's accountant has finalized the company's records and provided the following adjusted account balances. Note: all accounts have normal balance. Account Accounts Payable Accounts Receivable $ Balance Account $ 16,000 Office Equipment 41.200 Office salaries expense 1.400 Office supplies expense Balance 4,200 25,300 1,800 Accumulated depreciation, office equipment Accumulated depreciation, store equipment Advertising expense 6,000 Prepaid Insurance 800 900 Cash 8.100 11,300 Rent expense, office space 28,200 Rent expense, selling space 230,400 Rent Revenue 180,160 Salaries Payable 4,000 Sales 2,800 800 321,000 700 Sales discounts 4,300 Cost of goods sold David Wingate, Capital David Wingate, Withdrawals Depreciation expense, office equipment Depreciation expense, store equipment Insurance expense Interest expense Land not currently used in operations Long-term Note Payable, due June 30, 2021 2.000 3.000 Sales returns and allowances 600 Sales salaries expense 360 Store Equipment 100,000 Store supplies expense 120,000 Supplies 18,500 60,000 1,200 2,300 2,300 70,000 Long-term Note Payable, 120,000 Supplies due June 30, 2021 Merchandise Inventory 29,000 Trademark REQUIRED: Using the above information, calculate each of the following: 11. Current assets 1. Net Sales 12. Non-current investments 2. Gross profit from sales 13. Book value of the Office Equipment 3. Total selling expenses 14. Property, plant, and equipment 4. Total general & administrative expenses 15. Intangibles Total operating expenses 16. Total Assets 6. Profit from operations 17. Current liabilities 7. Total other revenue & expenses 18. Non-current liabilities 8. Profit 19. Total liabilities 9. Beginning capital 10. Ending capital 20. Total liabilities and equity Note: Supporting calculations are required for full/part marks

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