Sales revenue A partial listing of a company's accounts are listed below: $210,000 Depreciation expense $20,000 COGS $91,000 Rent expense $8,000 Cash $1,000 Unearned revenue $2,000 Building $200,000 Wage expense $40,000 Accumulated depreciation $44,000 Interest expense $4,000 Note payable $50,000 Service revenue $90,000 Dividends $4,000 Goodwill $7,000 The closing entry to close the Income Summary would include a debit to Income Summary for: A. $101,000 B. $137,000 C. $105,000 D. $ 77,000

Sales revenue A partial listing of a company's accounts are listed below: $210,000 Depreciation expense $20,000 COGS $91,000 Rent expense $8,000 Cash $1,000 Unearned revenue $2,000 Building $200,000 Wage expense $40,000 Accumulated depreciation $44,000 Interest expense $4,000 Note payable $50,000 Service revenue $90,000 Dividends $4,000 Goodwill $7,000 The closing entry to close the Income Summary would include a debit to Income Summary for: A. $101,000 B. $137,000 C. $105,000 D. $ 77,000

Fundamentals of Financial Management (MindTap Course List)

15th Edition

ISBN:9781337395250

Author:Eugene F. Brigham, Joel F. Houston

Publisher:Eugene F. Brigham, Joel F. Houston

Chapter4: Analysis Of Financial Statements

Section: Chapter Questions

Problem 24P: Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of...

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Cost of Good sold is 115,500 all the information are there.
Balance Sheet Data Income Statement Data Cash $900,000 Accounts payable $1,080,000 Sales $18,000,000 Accounts receivable 1,800,000 Accruals 360,000 Cost of goods sold 10,800,000 Inventory 2,700,000 Notes payable 1,440,000 Gross profit 7,200,000 Current assets 5,400,000 Current liabilities 2,880,000 Operating expenses 4,500,000 Long-term debt 5,310,000 EBIT 2,700,000 Total liabilities 8,190,000 Interest expense 810,000 Common stock 1,102,500 EBT 1,890,000 Net fixed assets 7,200,000 Retained earnings 3,307,500 Taxes 472,500 Total equity 4,410,000 Net income $1,417,500 Total assets $12,600,000 Total debt and equity $12,600,000 Now, let’s see your notes with your ratios, and then we can talk about possible strategies that will improve the ratios. I’m going to check the box to the side of your calculated value if your calculation is correct and leave it unchecked if your calculation is incorrect. Pavo Media Systems Inc.…
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