ABC Company's accounting records reported the followingaccount balances as of December 31, 2026:Supplies ...Interest revenue▪▪▪▪..PatentIncome tax expenseRetained earningsEquipment ..Accounts payableSalaries expense▪▪▪▪▪▪▪Sales revenueCash .LandNotes payableInventoryCommon stockAccounts receivableDividends .….…..Salaries payableCost of goods soldUtilities expenseTrademarkRent revenueIIIIIII.■■$11,000$46,000$58,000$22,000$86,000 (at Jan. 1, 2026)$37,000$29,000$31,000$88,000$21,000$54,000$70,000$49,000$97,000$33,000$16,000?$53,000$25,000$75,000$26,000Calculate the amount of gross profit reported in ABCCompany's 2026 income statement.

Profit earned by the Business Entity before deducting indirect expenses, is known as Gross Profit.…

Answered: Calculate the amount of gross profit…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 6E: On September 30, Cody Companys selected account balances are as follows: In general journal form,...

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The ledger of X Limited contained the following account balances at December 31, 2019, the end of company's fiscal year. Accounts …… …… …… …… …… …… …… …… Balances ($)Cash …… …… …… …… …… …… …… …… …… 7130Accounts Receivable …… …… …… …… …… 23000Inventory …… …… …… …… …… …… …… …… 37000Supplies …… …… …… …… …… …… …… …… 1010Prepaid Rent …… …… …… …… …… …… …… 9410Machinery …… …… …… …… …… …… …… … 23900Accumulated Depreciation-Machinery …… 9980Equipment …… …… …… …… …… …… …… … 62700Accumulated Depreciation-Equipment …… 7530Land …… …… …… …… …… …… …… …… …… 73000Accounts Payable …… …… …… …… …… …… 976015% Debenture …… …… …… …… …… …… … 31000Common Stock ($ 2.5 par value) …… …… … 40000Additional Paid in Capital-Common Stock … 42000Retained Earnings …… …… …… …… …… …… 59400Sales …… …… …… …… …… …… …… …… …… 547200Sales Returns and Allowances …… …… …… 8000Sales Discount …… …… …… …… …… …… …… 3600Salaries Expense …… …… …… …… …… …… … 75500Cost of Goods Sold …… …… …… …… …… …… 385400Loss from employee strike …… ………

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Calculate the amount of gross profit reported in ABC Company's 2026 income statement.