Answer the following question with the help of the data given below. Accounts Balance Accounts Balance Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Cost of Goods Sold Depreciation Expense Income Tax Expense Interest Expense Interest Payable 4,000 Long-term Debt 15,000 Patent 40,000 Prepaid Rent 17,000 Property, Plant & Equipment 124,000 Rent Expense 68,000 Research & Development Expense 10,000 Retained Earnings 1,000 Salary Expense 2,000 Salary Payable 500 Sales 6,000 50,000 12,000 3,000 200,000 36,000 7,000 33,000 48,000 1,500 175,000 Inventory Q 11: Gross Profit Q 12: Total Operating Expenses Q 13: Total Current Assets

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Answer the following question with the help
of the data given below.
Accounts
Balance
Accounts
Balance
Accounts Payable
Accounts Receivable
Accumulated Depreciation
Cash
Common Stock
Cost of Goods Sold
Depreciation Expense
Income Tax Expense
Interest Expense
Interest Payable
Inventory
4,000 Long-term Debt
15,000 Patent
40,000 Prepaid Rent
17,000 Property, Plant & Equipment
124,000 Rent Expense
68,000 Research & Development Expense
10,000 Retained Earnings
1,000 Salary Expense
2,000 Salary Payable
500 Sales
6,000
50,000
12,000
3,000
200,000
36,000
7,000
33,000
48,000
1,500
175,000
Q 11: Gross Profit
Q 12 : Total Operating Expenses
Q 13: Total Current Assets
Q 14: Total Current Liabilities
Q 15 : Total Owner's Equity
Transcribed Image Text:Answer the following question with the help of the data given below. Accounts Balance Accounts Balance Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Cost of Goods Sold Depreciation Expense Income Tax Expense Interest Expense Interest Payable Inventory 4,000 Long-term Debt 15,000 Patent 40,000 Prepaid Rent 17,000 Property, Plant & Equipment 124,000 Rent Expense 68,000 Research & Development Expense 10,000 Retained Earnings 1,000 Salary Expense 2,000 Salary Payable 500 Sales 6,000 50,000 12,000 3,000 200,000 36,000 7,000 33,000 48,000 1,500 175,000 Q 11: Gross Profit Q 12 : Total Operating Expenses Q 13: Total Current Assets Q 14: Total Current Liabilities Q 15 : Total Owner's Equity
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