Presented below is financial information for two different companies.Compute the missing amounts.Blue CompanyKingbird CompanySales revenue85,600(d)Sales returns and allowances(a)4,670Net sales84,280103,570Cost of goods sold56,670(e)Gross profit(b)36,830Operating expenses15,06022,370Net income(c)14,460 Sandra Robinson, D.D.S., opened a dental practice on January 1, 2020. During the first month of operations, the followingtransactions occurred.Performed services for patients who had dental plan insurance. At January 31, $784 of such services was performed butnot yet billed to the insurance companies.1.2.Utility expenses incurred but not paid prior to January 31 totaled $477.Purchased dental equipment on January 1 for $72,000, paying $22,000 in cash and signing a $50,000, 3-year note payable.(a) The equipment depreciates $361 per month. (b) Interest is $550 per month.Purchased a one-year malpractice insurance policy on January 1 for $13,080.3.4.5.Purchased $1,493 of dental supplies. On January 31, determined that $470 of supplies were on hand.Prepare the adjusting entries on January 31. Account titles are Accumulated Depreciation-Equipment, Depreciation Expense,Service Revenue, Accounts Receivable, Insurance Expense, Interest Expense, Interest Payable, Prepaid Insurance, Supplies, SuppliesExpense, Utilities Expenses, and Accounts Payable. (Credit account titles are automatically indented when amount Is entered. Do notIndent manually. If no entry is requlred, select "No entry" for the account titles and enter O for the amounts.)

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Description: Presented below is financial information for two different companies.Compute the missing amounts.Blue CompanyKingbird CompanySales revenue85,600(d)Sales returns and allowances(a)4,670Net sales84,280103,570Cost of goods sold56,670(e)Gross profit(b)36

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Presented below is financial information for two different companies. Compute the missing amounts. Blue Company Kingbird Company Sales revenue 85,600 (d) Sales returns and allowances (a) 4,670 Net sales 84,280 103,570 Cost of goods sold 56,670 (e) Gross profit (Ь) 36,830 Operating expenses 15,060 22,370 Net income (c) 14,460

Presented below is financial information for two different companies. Compute the missing amounts. Blue Company Kingbird Company Sales revenue 85,600 (d) Sales returns and allowances (a) 4,670 Net sales 84,280 103,570 Cost of goods sold 56,670 (e) Gross profit (Ь) 36,830 Operating expenses 15,060 22,370 Net income (c) 14,460

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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