The following list of accounts is from the adjusted trial balance for ACME Corporation: $167,500 Income...

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The following list of accounts is from the adjusted trial balance for ACME Corporation: $167,500 Income tax expense 233,750 Interest expense 122,500 Inventory 283,750 Land 140,000 Loan payable 535,000 Prepaid expenses Accounts payable $76,250 Accounts receivable 146,250 Accumulated depreciation - buildings 290,000 Accumulated depreciation - equipment 1,375,000 Advertising expense 2,437,500 Buildings 36,250 Cash 88,750 Property tax payable 22,500 Common Shares 287,500 Rent Revenue 26,250 Cost of goods sold Deferred revenue Depreciation expense Equipment 1,392,500 Salaries expense 40,000 Salaries payable 235,000 Sales 970,000 32,500 3,280,000 1,181,250 Using the above information, calculate the following amounts: 1. Gross Profit 2. Total Operating Expenses 3. Other Income and Expenses Blank # 1 Blank # 2 Blank # 3 The following list of accounts is from the adjusted trial balance for ACME Corporation: $167,500 Income tax expense 233,750 Interest expense 122,500 Inventory 283,750 Land 140,000 Loan payable 535,000 Prepaid expenses Accounts payable $76,250 Accounts receivable 146,250 Accumulated depreciation - buildings 290,000 Accumulated depreciation - equipment 1,375,000 Advertising expense 2,437,500 Buildings 36,250 Cash 88,750 Property tax payable 22,500 Common Shares 287,500 Rent Revenue 26,250 Cost of goods sold Deferred revenue Depreciation expense Equipment 1,392,500 Salaries expense 40,000 Salaries payable 235,000 Sales 970,000 32,500 3,280,000 1,181,250 Using the above information, calculate the following amounts: 1. Gross Profit 2. Total Operating Expenses 3. Other Income and Expenses Blank # 1 Blank # 2 Blank # 3

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ACME Corporation Income Statement Sales 3280000 Cos... View the full answer