Legends Pty Ltd provides the following account balances: Cash at bank $56,109 Sales $295,212 Advertising expense...
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Legends Pty Ltd provides the following account balances: Cash at bank $56,109 Sales $295,212 Advertising expense $ 5,210 Wages and Salaries $41,210 Cost of goods sold $96,556 Supplies expense $650 Pre-paid rent $2,000 Wages payable $2,980 Rent expense $2,000 Dividends paid $26,500 Required: The Net profit for the period is: Legends Pty Ltd provides the following account balances: Cash at bank $56,109 Sales $295,212 Advertising expense $ 5,210 Wages and Salaries $41,210 Cost of goods sold $96,556 Supplies expense $650 Pre-paid rent $2,000 Wages payable $2,980 Rent expense $2,000 Dividends paid $26,500 Required: The Net profit for the period is:
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To calculate the net profit for the period we need to consider the revenues sales expen... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
Posted Date:
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