Reference no: EM132217765
Question - Use the following information to Schedule of Cost of Goods Sold and a multi-step Income Statement.
Accounts Balance as of 12/31/18 before any temporary accounts are closed.
Cash 66,300
Accounts Receivable 2,450
Building 450,250
Accumulated Depreciation 200,000
Inventory 185,700
Supplies 5,200
Capital Stock 300,000
Dividends 40,000
Purchases 736,200
Salaries Expense 76,400
Inventory (January 1, 2018) 171,000
Operating Expense 110,100
Salaries Payable 2,600
Retained Earnings 211,100
Freight-In 3,500
Sales 972,400
Accounts Payable 15,300
Depreciation Expense 40,000
What is the dollar amount of cost of goods sold for the year?
What is the dollar amount of cost of goods available for sale?
What dollar amount of inventory will be shown on the year-end balance sheet?
After the temporary accounts are closed, what is the balance in retained earnings?
What is the dollar amount of Total Assets reported on the year-end Balance Sheet?
What is the dollar amount of Total Liabilities reported on the year-end Balance Sheet?
Write the accounting equation, filling in the appropriate amounts. Does it balance?