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Account Titles Debits Credits Cash $37,500 Accounts Receivable 28,600 43,300 Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable 2,000 69,000 $20,700 8,800 Unearned Revenue 20,000 75,000 Long-term Notes Payable Common Stock 31,800 175,500 Sales Revenue Sales Returns and Allowances 4,700 Sales Discounts 6,000 Cost of Goods Sold 67,700 Salaries and Wages Expense Depreciation Expense Rent Expense Interest Expense Loss on Sale of Investment 25,900 13,800 24,000 1,600 7,700 $331,800 Totals $331,800

Account Titles Debits Credits Cash $37,500 Accounts Receivable 28,600 43,300 Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable 2,000 69,000 $20,700 8,800 Unearned Revenue 20,000 75,000 Long-term Notes Payable Common Stock 31,800 175,500 Sales Revenue Sales Returns and Allowances 4,700 Sales Discounts 6,000 Cost of Goods Sold 67,700 Salaries and Wages Expense Depreciation Expense Rent Expense Interest Expense Loss on Sale of Investment 25,900 13,800 24,000 1,600 7,700 $331,800 Totals $331,800

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please create an income statement and include gross profit percentage.

Account Titles Debits Credits Cash $37,500 Accounts Receivable 28,600 Inventory Prepaid Rent Equipment Accumulated Depreciation 43,300 2,000 69,000 $20,700 Accounts Payable Unearned Revenue 8,800 20,000 Long-term Notes Payable 75,000 Common Stock 31,800 Sales Revenue 175,500 Sales Returns and Allowances 4,700 Sales Discounts 6,000 Cost of Goods Sold Salaries and Wages Expense Depreciation Expense 67,700 25,900 13,800 Rent Expense 24,000 Interest Expense 1,600 Loss on Sale of Investment 7,700 $331,800 $331,800 Totals
Transcribed Image Text:Account Titles Debits Credits Cash $37,500 Accounts Receivable 28,600 Inventory Prepaid Rent Equipment Accumulated Depreciation 43,300 2,000 69,000 $20,700 Accounts Payable Unearned Revenue 8,800 20,000 Long-term Notes Payable 75,000 Common Stock 31,800 Sales Revenue 175,500 Sales Returns and Allowances 4,700 Sales Discounts 6,000 Cost of Goods Sold Salaries and Wages Expense Depreciation Expense 67,700 25,900 13,800 Rent Expense 24,000 Interest Expense 1,600 Loss on Sale of Investment 7,700 $331,800 $331,800 Totals
(Use cells A5 to C24 from the given information to complete this question. All formulas must return positive values.) NOODLES UNLIMITED Income Statement For the Year Ended December 31 Less: Net Sales Gross Profit Expenses: Income from Operations Other Expenses and Losses
Transcribed Image Text:(Use cells A5 to C24 from the given information to complete this question. All formulas must return positive values.) NOODLES UNLIMITED Income Statement For the Year Ended December 31 Less: Net Sales Gross Profit Expenses: Income from Operations Other Expenses and Losses
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