Glenn Corporation had the following list of account balances for the year ended December31,2016.Net Sales$1,650,000Cash$300,000Accounts Receivable$140,000Operating Expenses$840,000Equipment$420,000Common Stock$170,000Accounts Payable$120,000Interest Income$32,000Accumulated Depreciation$40,000Gross Profit$1,140,000Inventories$20,000Prepaid Rent$20,000Unearned Revenue$50,000Income Taxes Expense$99,000Notes Payable$200,000Dividends$5,000Interest Expense$2,000Retained Earnings, January 1, 2016 $94,000Required:1. Calculate the cost of goods sold for the year ended December 31, 2016.2. Calculate ending retained earnings for the year ended December 31, 2016.3. Calculate current assets on December 31, 2016.4. Calculate total liabilities on December 31, 2016.

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Answered: Glenn Corporation had the following…

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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