Reference no: EM131061137
General Ledger for ABC Company
The following is the general ledger for ABC Company as of December 31, 20X1. Use this information to answer questions (1) through (4).
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ABC Company
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General Ledger
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As of December 31, 20X1
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Amount
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Assets
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Cash
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$29,400
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Accounts receivable
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8,100
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Supplies
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4,900
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Prepaid rent
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20,200
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Equipment (net)
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63,800
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Liabilities
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Accounts payable
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$ 6,300
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Salaries payable
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4,000
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Interest payable
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1,100
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Utilities payable
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3,700
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Bonds payable
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38,400
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Stockholders' equity
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Common stock
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$60,900
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Retained earnings
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0
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Dividends
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2,100
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Revenues
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Sales revenue
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$54,200
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Interest revenue
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1,400
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Expenses
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Cost of goods sold
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$15,100
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Salaries expense
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7,100
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Rent expense
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4,900
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Supplies expense
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1,300
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Utilities expense
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4,800
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Depreciation expense
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2,500
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Interest expense
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2,100
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Income tax expense
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3,700
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1. What is the amount of gross profit to be reported on ABC Company's 12/31/X1 income statement?
$40,500 $14,100 $39,100 $17,800
2. What is the amount of operating income (EBIT) to be reported on ABC Company's 12/31/X1 income statement?
$36,100 $18,500 $14,800 $14,100
What is the amount of earnings before taxes (EBT) to be reported on ABC Company's 12/31/X1 income statement?
$15,000 $17,800 $12,000 $18,500
4. What is the amount of net income to be reported on ABC Company's 12/31/X1 income statement?
$17,800 $12,000 $14,100 $18,500
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