Account ID Account Description Debit Amt Credit Amt

$10100$ Cash on Hand $$2,275\mathrm{.}23$

$10200$ Regular Checking Account $$557,125\mathrm{.}92$

$10300$ Payroll Checking Account

$10400$ Savings Account $$3,645,599\mathrm{.}15$

$11000$ Accounts Receivable $$51,515,259\mathrm{.}98$

$11400$ Other Receivables $$1,250,000\mathrm{.}00$

$11500$ Allowance for Doubtful Accounts $$1,239,009\mathrm{.}75$

$12000$ Inventory $$67,724,527\mathrm{.}50$

$12300$ Reserve for Inventory Obsolescence $$846,000\mathrm{.}00$

$14100$ Prepaid Insurance $$3,424,213\mathrm{.}78$

$14200$ Prepaid Rent

$14300$ Office Supplies $$8,540\mathrm{.}00$

$14400$ Notes Receivable$-$Current

$14700$ Other Current Assets

$15000$ Land $$117,000\mathrm{.}00$

$15100$ Buildings and Land Improvements $$674,313\mathrm{.}92$

$15200$ Machinery, Equipment, Office Furniture $$2,929,097\mathrm{.}13$

$17000$ Accum. Depreciation $$610,000\mathrm{.}00$

$19000$ Investments $$1,998,780\mathrm{.}39$

$19032$ Deferred Tax Assets $($Liabilities$)$ $$18,473\mathrm{.}25$

$19900$ Other Noncurrent Assets $$53,840\mathrm{.}59$

$20000$ Accounts Payable $$1,922,095\mathrm{.}91$

$23100$ Sales Tax Payable

$23122$ Income Tax Payable $$87,569\mathrm{.}00$

$23200$ Wages Payable

$23300$ FICA Employee Withholding $$8,439\mathrm{.}65$

$23350$ Medicare Withholding $$11,414\mathrm{.}99$

$23400$ Federal Payroll Taxes Payable $$118,086\mathrm{.}12$

$23500$ FUTA Tax Payable

$23600$ State Payroll Taxes Payable $$55,106\mathrm{.}86$

$23700$ SUTA Tax Payable

$23800$ FICA Employer Withholding $$8,439\mathrm{.}65$

$23900$ Medicare Employer Withholding $$11,414\mathrm{.}99$

$22000$ Dividend Payable $$860,000\mathrm{.}00$

$22010$ Interest Payable $$0\mathrm{.}00$

$24100$ Line of Credit $$44,403,000\mathrm{.}00$

$24200$ Current Portion Long$-$Term Debt

$24700$ Other Current Liabilities

$27000$ Notes Payable$-$Noncurrent $$12,000,000\mathrm{.}00$

$39003$ Common Stock $$8,105,000\mathrm{.}00$

$39004$ Paid$-$in Capital $$7,423,000\mathrm{.}00$

$39005$ Retained Earnings $$6,171,558\mathrm{.}64$

$40000$ Sales $$242,713,452\mathrm{.}88$

$41000$ Sales Returns $$11,100,220\mathrm{.}89$

$42000$ Warranty Expense $$1,158,128\mathrm{.}47$

$45000$ Income from Investments $$1,426,089\mathrm{.}31$

$46000$ Interest Income $$131,881\mathrm{.}46$

$47000$ Miscellaneous Income $$2,166,000\mathrm{.}00$

$50010$ Cost of Goods Sold $$130,196,645\mathrm{.}26$

$57500$ Freight $$4,240,263\mathrm{.}09$

$60000$ Advertising Expense $$1,036,854\mathrm{.}01$

$61000$ Auto Expenses $$210,502\mathrm{.}80$

$62000$ Research and Development $$528,870\mathrm{.}44$

$64000$ Depreciation Expense $$446,000\mathrm{.}00$

$64500$ Warehouse Salaries $$4,720,715\mathrm{.}56$

$65000$ Property Tax Expense $$99,332\mathrm{.}45$

$66000$ Legal and Professional Expense $$4,913,224\mathrm{.}45$

$67000$ Bad Debt Expense

$68000$ Insurance Expense $$36,106\mathrm{.}92$

$70000$ Maintenance Expense $$35,502\mathrm{.}87$

$70100$ Utilities $$137,332\mathrm{.}18$

$70110$ Phone $$52,599\mathrm{.}02$

$70120$ Postal $$77,803\mathrm{.}61$

$71000$ Miscellaneous Office Expense $$24,891\mathrm{.}82$

$72000$ Payroll Tax Exp $$1,577,811\mathrm{.}85$

$73000$ Pension$/$Profit$-$Sharing Plan Ex $$4,140,546\mathrm{.}55$

$78600$ Controllers' Clearning Account $$330,375\mathrm{.}80$

$74000$ Rent or Lease Expense $$1,206,574\mathrm{.}00$

$77500$ Administrative Wages Expense $$16,197,225\mathrm{.}43$

$78000$ Interest Expense $$2,591,736\mathrm{.}50$

$78500$ Income Tax Expense $-$ Federal $$8,900,000\mathrm{.}00$

$78510$ Income Tax Expense $-$ State $$3,100,000\mathrm{.}00$

$$330,647,935\mathrm{.}01$ $$330,647,935\mathrm{.}01$ What is the net income?

Answer rating: 100% (QA)

To determine the net income we need to calculate the total ... View the full answer