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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 $2,000 Interest Expense 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 $2,000 Interest Expense 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
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Glenn Corporation had the following list of account

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 $2,000 Interest Expense 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 $2,000 Interest Expense Retained Earnings, January 1, 2016 $94,000 Calculate the cost of goods sold for the year ended December 31, 2016.
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