Question: Set forth below is the adjusted trial balance for Alpha Company, which just completed its fiscal year ended December 31, 2008. A $1,600 installment
Set forth below is the adjusted trial balance for Alpha Company, which just completed its fiscal year ended December 31, 2008. A $1,600 installment is due on the Note Payable during 2009. Accounts Cash Accounts Receivable Dr. Cr. 7,000 7,200 Inventory 4,300 Prepaid Insurance 200 Equipment 20,300 Accumulated Depreciation 3,600 Accounts Payable 5,600 Salaries Payable 400 Interest Payable Note Payable 100 8,000 Capital 19,900 Withdrawals 2,000 Sales 36,200 Sales Returns and Allowances 2,400 Sales Discounts 1,100 Cost of Goods Sold 15,700 Salaries Expense 5,500 Rent Expense 2,600 Utilities Expense 1,800 Depreciation Expense 900 Insurance Expense 700 Interest Expense 400 Loss on Sale of Fixed Assets 1,700 73,800 73,800 Calculate the following numbers: Net Sales: Gross Profit: Operating Income: Net Income:
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