Homework Help is Here – Start Your Trial Now!
Business
Accounting
Question: Glenn Corporation had the following list of account balances for the year ended December 31,2016. Net Sales $1,650,000 Cash $300,000 Accounts Receivable $140,000 Operating Expenses $840,000 Equipment $420,000 Common Stock $170,000 Accounts Payable Interest Income Accumulated Depreciation $120,000 $32,000 $40,000 Gross Profit $1,140,000 Inventories $20,000 Prepaid Rent $20,000 Unearned Revenue $50,000 Income Taxes Expense $99,000 Notes Payable $200,000 Dividends $5,000 Interest Expense $2,000 Retained Earnings, January 1, 2016 $94,000 Calculate the cost of goods sold for the year ended December 31, 2016.

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

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter16: Financial Statement Analysis
Section: Chapter Questions
Problem 4PB
See similar textbooks
icon
Related questions
Question

Calculate Cost os Goods sold

Question: Glenn Corporation had the following list of account balances for the year ended December 31,2016. Net Sales $1,650,000 Cash $300,000 Accounts Receivable $140,000 Operating Expenses $840,000 Equipment $420,000 Common Stock $170,000 Accounts Payable Interest Income Accumulated Depreciation $120,000 $32,000 $40,000 Gross Profit $1,140,000 Inventories $20,000 Prepaid Rent $20,000 Unearned Revenue $50,000 Income Taxes Expense $99,000 Notes Payable $200,000 Dividends $5,000 Interest Expense $2,000 Retained Earnings, January 1, 2016 $94,000 Calculate the cost of goods sold for the year ended December 31, 2016.
Transcribed Image Text:Question: Glenn Corporation had the following list of account balances for the year ended December 31,2016. Net Sales $1,650,000 Cash $300,000 Accounts Receivable $140,000 Operating Expenses $840,000 Equipment $420,000 Common Stock $170,000 Accounts Payable Interest Income Accumulated Depreciation $120,000 $32,000 $40,000 Gross Profit $1,140,000 Inventories $20,000 Prepaid Rent $20,000 Unearned Revenue $50,000 Income Taxes Expense $99,000 Notes Payable $200,000 Dividends $5,000 Interest Expense $2,000 Retained Earnings, January 1, 2016 $94,000 Calculate the cost of goods sold for the year ended December 31, 2016.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS