Transcribed image text: Note: Problems 1-4 relate to the trial balance below. Marcell Sports Inc. Acct 311 - Quiz 3 of 6 - Trial Balance Credit Debit 140,000 475,000 $ 28,225 50,000 17,000 365,000 1,385,000 265,000 1,500,000 550,000 1,325,000 Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Supplies Inventory, 1/1/17 Equipment Accumulated Deperciation - Equipment Building Accumulated Deperciation - Building Land Accounts Payable Salaries and Wages Payable Notes Payable Mortgage Payable Common Stock, Par Value $0.05 APIC Retained Earnings Dividends Sales Revenue Sales Discounts Sales Returns and Allowances Purchases Purchase Discounts Freight In Selling Expenses Administrative Expenses Rent Revenue Income Tax Expense Gain on Sale of Land 365,000 65,000 1,250,000 1,325,000 125,000 475,000 424,000 230,000 3,565,000 155,000 175,000 1,750,225 60,000 65,000 355,000 455,000 55,000 285,000 175,000 8,727,225 8,727,225 $ Physical Inventory 31-Dec $ 559, 100 COGS Year $ 1,561,125 Problem 1 - Calculate Net Sales Problem 2 - Calculate Cost of Goods Sold Note: Correct answer $1.561.125 is provided at the bottom section of the trial balance page Problem - Calculate Shares outstanding Problem 4 - Prepare the income Statement Problem 5 - In 2019, Useh Corporation reported a discontinued operations loss of $900,000, net of tax. It declared and paid preferred stock dividends of $120,000 and common stock dividends of $360.000. During 2017, Useh Corp. had a weighted average of 200,000 common shares outstanding. As a result of the discontinued operations loss, net of tax, the earnings per share would decrease by Problem 6 - Discontinued Operations Using the following information (below) complete the Income Statement. Discontinued operations Loss from operations of discontinued plastics division Gain from disposal of plastics division Pre-Tax $ (450,000) $1,150,000 Note: Common Shares Outstanding: 1,000,000 Note: Tax Expense Rate is 35% Company Name Income Statement For the Year Ended December 31, 2017 $ 10,565, 100 Sales revenue Sales discounts Sales returns and allowances Net Sales COGS Gross Profit $ 10,565,100 6,250,000 $ 4,315,100 Selling & Administrative Selling expenses Administrative expenses 650,000 257,000 907,000