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The following list of accounts is from the adjusted trial balance for Flint Corporation: Accounts payable $142,040 Equipment $1,001,700 Accounts receivable 198,220 Income tax
The following list of accounts is from the adjusted trial balance for Flint Corporation: Accounts payable $142,040 Equipment $1,001,700 Accounts receivable 198,220 Income tax expense 64,660 Accumulated depreciation-buildings 103,880 Insurance expense 124,020 Accumulated depreciation-equipment 240,620 Inventory 245,920 Advertising expenses 118,720 Land 1,166,000 Buildings 453,680 Loan payable (due in 2 years) 2,067,000 Cash 75,260 Prepaid expenses 30,740 Common shares 243,800 Property tax payable 19,080 Cost of goods sold 1,180,840 Refund liability 22,260 Deferred revenue 33,920 Salaries expense 822,560 Depreciation expense 199,280 Salaries payable 27,560 Sales 2,781,440 Determine the amount of Flint's gross profit. Gross profit $ 1600600 Determine the amount of Flint's current assets and current liabilities. Total current assets $ Total current liabilities $
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