Question: Settings Accessibility + On-Screen Keyboard + About + Refer to the following trial balance. Debit Credit Cash $ 4 comma 000$4,000 Accounts Receivable 13 comma

Settings
Accessibility +
On-Screen Keyboard +
About +

Refer to the following trial balance.

Debit

Credit

Cash

$ 4 comma 000$4,000

Accounts Receivable

13 comma 00013,000

Inventory

20 comma 00020,000

Supplies

6 comma 0006,000

Land

140 comma 000140,000

Accounts Payable

$ 4 comma 000$4,000

Notes Payable

24 comma 00024,000

Common Stock

116 comma 000116,000

Retained Earnings

11 comma 00011,000

Dividends

2 comma 0002,000

Sales Revenue

170 comma 000170,000

Sales Discounts Forfeited

3 comma 0003,000

Cost of Goods Sold

83 comma 00083,000

Delivery Expense

5 comma 0005,000

Salaries Expense

8 comma 0008,000

Utilities Expense

24 comma 00024,000

Rent Expense

20 comma 00020,000

Interest Expense

3 comma 0003,000

________

Totals

$328 comma 000328,000

$328 comma 000328,000

How much is the gross profit?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!