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The following list of accounts is from the adjusted trial balance for Sarasota Corporation: Accounts payable $168,840 Equipment $1,190,700 Accounts receivable 235,620 Income tax expense
The following list of accounts is from the adjusted trial balance for Sarasota Corporation:
Accounts payable | $168,840 | Equipment | $1,190,700 | |||
---|---|---|---|---|---|---|
Accounts receivable | 235,620 | Income tax expense | 76,860 | |||
Accumulated depreciationbuildings | 123,480 | Insurance expense | 147,420 | |||
Accumulated depreciationequipment | 286,020 | Inventory | 292,320 | |||
Advertising expenses | 141,120 | Land | 1,386,000 | |||
Buildings | 539,280 | Loan payable (due in 2 years) | 2,457,000 | |||
Cash | 89,460 | Prepaid expenses | 36,540 | |||
Common shares | 289,800 | Property tax payable | 22,680 | |||
Cost of goods sold | 1,403,640 | Refund liability | 26,460 | |||
Deferred revenue | 40,320 | Salaries expense | 977,760 | |||
Depreciation expense | 236,880 | Salaries payable | 32,760 | |||
Sales | 3,306,240 |
Determine the amount of Sarasota's Gross profit.
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