Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

The adjusted trial balance of Goddard Company at the end of December 31, 2020 is shown below. Goddard Company uses the perpetual inventory method. General

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The adjusted trial balance of Goddard Company at the end of December 31, 2020 is shown below. Goddard Company uses the perpetual inventory method. General Journal Accounts Dr Cr Cash 16,200 Accounts Receivable 12,400 Supplies 3,800 Prepaid Insurance 2,400 Merchandise Inventory 15,800 75,000 Equipment Accumulated Depeciaton-Equipment 25,000 120,000 Buildings Accumulated Depreciation-Buildings 40,000 Land 30,000 14,100 Accounts Payable Salaries Payable 4,700 Interest Payable 600 Long-Term Notes Payable 60,000 Common Stock 40,000 Retained Earnings 68,922 Dividends Declared 8,000 Sales 210,000 Sales Returns & Allowances 18,900 Sales Discounts 8,260 Cost of Goods Sold Expense 100,562 Selling Expenses 31,100 General & Administrative Expenses 24,700 Miscellaneous Revenues 9,200 Interest Expense 5,400 Totals 472,522 472,522 Required: Compute the amounts requested below. Income Statement: Net Sales Cost of Goods Sold Expense Gross Profit Gross Profit Rate Operating Expenses Operating Income Net Income Statement of Retained Earnings: Ending Retained Earnings Balance Sheet: Balance Sheet: Current Assets Property, Plant, and Equipment Total Assets Current Liabilities Long-Term Liabilities Total Liabilities Total Stockholders' Equity Total Liabilities and Stockholders' Equity

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions