Alpha Geek

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  • bachelor in business administration
    Polytechnic State University Sanluis
    Jan-2006 - Nov-2010

  • CPA
    Polytechnic State University
    Jan-2012 - Nov-2016

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    Harvard Square Academy (HS2)
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Category > Accounting Posted 01 May 2017 My Price 5.00

Merchandise Inventory

Question 1

Merchandise Inventory

$ 250,000

Cost of goods sold

$ 1,523,000

Insurance expense

$ 100,000

Land

$ 100,000

Bond financing

$ 400,000

Advertising expense

$ 145,000

Sales

$ 2,486,000

Taxes payable

$ 26,000

Equipment

$ 445,000

Cash

$ 79,000

A/Receivable

$ 120,000

Sales Salary expense

$ 240,000

Office salary expense

$ 165,000

Short term investments

$ 65,000

Buildings

$ 750,000

A/Payable

$ 164,000

Notes payable

$ 75,000

Common stock

$ 475,000

Retained earnings

$ 544,000

Accumulated depreciation

$ 125,000

Depreciation expense

$ 102,000

Supplies expense

$ 26,000

Use the account info to directly solve for the answers. Be sure to show the calculations and accounts involved.

Gross profit/margin (in $)= __________

Total long-term assets = __________

Total liabilities = _______________

Income before taxes= ____________

Total Equity = ________________

Answers

Alpha Geek
(8)
Status NEW Posted 01 May 2017 05:05 PM My Price 5.00

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Attachments

file 1493660939-answer1.docx preview (106 words )
Q-----------ues-----------tio-----------n 1-----------Mer-----------cha-----------ndi-----------se -----------Inv-----------ent-----------ory-----------$ 2-----------50,-----------000-----------Cos-----------t o-----------f g-----------ood-----------s s-----------old-----------$ 1-----------,52-----------3,0-----------00I-----------nsu-----------ran-----------ce -----------exp-----------ens-----------e$ -----------100-----------,00-----------0La-----------nd$----------- 10-----------0,0-----------00B-----------ond----------- fi-----------nan-----------cin-----------g$ -----------400-----------,00-----------0Ad-----------ver-----------tis-----------ing----------- ex-----------pen-----------se$----------- 14-----------5,0-----------00S-----------ale-----------s$ -----------2,4-----------86,-----------000-----------Tax-----------es -----------pay-----------abl-----------e$ -----------26,-----------000-----------Equ-----------ipm-----------ent-----------$ 4-----------45,-----------000-----------Cas-----------h$ -----------79,-----------000-----------A/R-----------ece-----------iva-----------ble-----------$ 1-----------20,-----------000-----------Sal-----------es -----------Sal-----------ary----------- ex-----------pen-----------se$----------- 24-----------0,0-----------00O-----------ffi-----------ce -----------sal-----------ary----------- ex-----------pen-----------se$----------- 16-----------5,0-----------00S-----------hor-----------t t-----------erm----------- in-----------ves-----------tme-----------nts-----------$ 6-----------5,0-----------00B-----------uil-----------din-----------gs$----------- 75-----------0,0-----------00A-----------/Pa-----------yab-----------le$----------- 16-----------4,0-----------00N-----------ote-----------s p-----------aya-----------ble-----------$ 7-----------5,0-----------00C-----------omm-----------on -----------sto-----------ck$----------- 47-----------5,0-----------00R-----------eta-----------ine-----------d e-----------arn-----------ing-----------s$
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