Given the following for Arcade Supplies Inc.: • . • • • • • • • • • Accounts Receivable: $190,000 Depreciation Expense: $65,000 Land: $210,000 Cost of Goods Sold: $510,000 Retained Earnings: $310,000 Cash: $42,000 Equipment: $460,000 Supplies: $32,000 Accounts Payable: $132,000 Service Revenue: $115,000 Interest Expense: $22,000 Common Stock: $90,000 Income Tax Expense: $78,000 Supplies Expense: $77,000 • • Net Sales: $880,000 Merchandise Inventory: $160,000 Calculate Operating Income, Net Income, and Average Tax Rate

Given the following for Arcade Supplies Inc.: • . • • • • • • • • • Accounts Receivable: $190,000 Depreciation Expense: $65,000 Land: $210,000 Cost of Goods Sold: $510,000 Retained Earnings: $310,000 Cash: $42,000 Equipment: $460,000 Supplies: $32,000 Accounts Payable: $132,000 Service Revenue: $115,000 Interest Expense: $22,000 Common Stock: $90,000 Income Tax Expense: $78,000 Supplies Expense: $77,000 • • Net Sales: $880,000 Merchandise Inventory: $160,000 Calculate Operating Income, Net Income, and Average Tax Rate

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section19.6: Buying Intangible Assets And Calculating Amortization Expense

Problem 1OYO

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