Question
Refer to the following trial balance. Debit Credit Cash $6,000 Accounts Receivable 15,000 Inventory 20,000 Supplies 4,000 Land 120,000 Accounts Payable $6,000 Notes Payable 22,000
Refer to the following trial balance.
| Debit | Credit | |
| Cash | $6,000 | |
| Accounts Receivable | 15,000 | |
| Inventory | 20,000 | |
| Supplies | 4,000 | |
| Land | 120,000 | |
| Accounts Payable | $6,000 | |
| Notes Payable | 22,000 | |
| Common Stock | 81,000 | |
| Retained Earnings | 12,000 | |
| Dividends | 3,000 | |
| Sales Revenue | 180,000 | |
| Sales Discounts Forfeited | 4,000 | |
| Cost of Goods Sold | 81,000 | |
| Delivery Expense | 6,000 | |
| Salaries Expense | 5,000 | |
| Utilities Expense | 23,000 | |
| Rent Expense | 20,000 | |
| Interest Expense | 2,000 | ________ |
| Totals | $305,000 | $305,000 |
How much is the gross profit?
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Cost Accounting
Authors: Edward B. Deakin, Michael Maher
3rd Edition
0256069190, 978-0256069198
