Question
The trial balance of JPG Publishing at August 31, 2021, and the data needed for the month-end adjustments follow: Title of Accounts Debit Credit Cash
The trial balance of JPG Publishing at August 31, 2021, and the data needed for the month-end adjustments follow:
Title of Accounts Debit Credit Cash 75600 a/c receivable 175000 Equipment 500000 marketing expe 0 supplies 5000 other exp 60000 office supplies exp 0 interest exp 18600 Inventory Beg 63000 purchases 475000 transportation-in 15000 sales return 12000 sales discount Plant 600000 Acc dep-equipment 120000 Acc dep- plant 5500 All for bad debts 12500 Selling expenses 65800 Short term investment 55000 sales revenue 965000 purchases return 0 purchases discount 0 rent income 0 a/c payable 45000 capital 550000 short term loan 100000 long term lona 300000 bill payable 0 Retained earning 22000 2120000 2120000
Adjustment:
1. Merchandise inventory-ending Rs.75000 2. Depreciation on Equipment and Plant at 3% and 2%. 3. Tax rate is 10%
Fill the following boxes:
1. Net Sales
2. Cost of goods sold
3. Gross Profit
4. Depreciation expense for Equipment
5. Depreciation expense for Plant
6. Total Operating Expense
7. Earning before tax
8. Net Profit
9. Total Current Assets
10. Total Non Current Assets
11. Total Liabilities
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