Following is the adjusted trial balance data for Garage Parts Unlimited as of December 31, 2019. A.
Question:
Following is the adjusted trial balance data for Garage Parts Unlimited as of December 31, 2019.
A. Use the data provided to compute net sales for 2019.
B. Compute the gross margin or 2019.
C. Compute the gross profit margin ratio (rounded to nearest hundredth)
D. Prepare a simple income statement for the year ended December 31, 2019.
E. Prepare a multi-step income statement for the year ended December 31, 2019.
Cash Accounts Receivable Equipment Merchandise Inventory Accounts Payable Common Stock Sales Interest Revenue Rent Revenue Sales Salaries Expense Office Supplies Expense Sales Discounts GARAGE PARTS UNLIMITED Adjusted Trial Balance Year Ended December 31, 2019 Debit Interest Expense Sales Returns and Allowances Cost of Goods Sold Rent Expense Depreciation Expense: Office Equipment Insurance Expense Advertising Expense Totals $ 624,500 100,233 465,099 277,340 29,878 5,942 112,431 9,560 162,312 208,016 19,191 8,657 10,234 22,389 $2,055,782 Credit $ 287,693 564,500 885,244 216,745 101,600 $2,055,782
Step by Step Answer:
answer A Net Sales for 2019 Sales Sales Returns and Allowances 885244 162312 722932 B Gross Margin f...View the full answer
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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