Question
The following are the account balances from the Adjusted Trial Balance of SGA Incorporated as of December 31, 2003. Cash 40,000 Rent Expense 5,000 Equipment
The following are the account balances from the Adjusted Trial Balance of SGA Incorporated as of December 31, 2003.
Cash
40,000
Rent Expense
5,000
Equipment
20,000
Supplies Expense
9,000
Accumulated Depreciation
5,000
Salaries Expense
4,000
Unearned Fees
6,000
Utilities Expense
5,000
Merchandise Inventory
100,000
Retained Earnings, Jan. 1
14,000
Supplies
3,000
Insurance Expense
1,000
Accounts Receivable
10,000
Sales
100,000
Unexpired Insurance
3,000
Sales Returns & Allowance
9,000
Capital Stock
123,000
Sales Discounts
2,000
Dividends
7,000
Cost of Goods Sold
40,000
Accounts Payable
10,000
Instructions
Use the above account balances and calculate the following.
1. Gross Profit on Sales $
2. Gross Profit Rate
3. Net Income $
4. Retained Earnings $
5. Total Assets $
6.Total Liabilities $
7.Total Stockholders Equity is $
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