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The following accounts are taken from the adjusted trial balance of Robert Company as of December 31, 2020. Sales Revenue Salaries and Wages Payable
The following accounts are taken from the adjusted trial balance of Robert Company as of December 31, 2020. Sales Revenue Salaries and Wages Payable Interest Expense Accounts Payable Utilities Expense Prepaid Insurance Cash $367,000 100,000 Cost of Goods Sold $400,000 Loss on Sale of Land 10,600 4,000 Uneamed Rent Revenue 19,800 7,000 16,500 Equipment Depreciation Expense 120,000 65,000 8,000 220,000 Interest Revenue Sales Returns and allowances 5,000 15,000 Instructions: Based on the information above, calculate the following metrics. Answers must include a dollar sign and applicable commas 1. Net Sales 2 Gross Profit 3. Operating Expenses 4. Income from Operations 5. Net Income 6. Current Assets 7. Total Assets 8. Current Liabilities 9. Gross Profit Rate (Round answer to two decimal points and include a % sign i.e. 10.47 % ) [
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