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The following data was taken from the books as at December 31 of Carla Vista Inc.: Cash Income tax expense Sales revenue Inventory Accounts payable Operating expenses Interest expense Prepaid expenses $13,600 Common shares 4,600 Cost of goods sold 103,000 Retained earnings (as of January 1) 30,800 Bank loan payable 32,050 Equipment 31,810 Dividends paid 3,800 Accounts receivable 1,090 $15,000 59,400 82,700 49,750 120,000 6,150 11,250

The following data was taken from the books as at December 31 of Carla Vista Inc.: Cash Income tax expense Sales revenue Inventory Accounts payable Operating expenses Interest expense Prepaid expenses $13,600 Common shares 4,600 Cost of goods sold 103,000 Retained earnings (as of January 1) 30,800 Bank loan payable 32,050 Equipment 31,810 Dividends paid 3,800 Accounts receivable 1,090 $15,000 59,400 82,700 49,750 120,000 6,150 11,250

FINANCIAL ACCOUNTING
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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22.

Subject :- Accounting 

The following data was taken from the books as at December 31 of Carla Vista Inc.: Cash Income tax expense Sales revenue Inventory Accounts payable Operating expenses Interest expense Prepaid expenses $13,600 Common shares 4,600 Cost of goods sold 103,000 Retained earnings (as of January 1) 82,700 30,800 Bank loan payable 49,750 32,050 Equipment 31,810 Dividends paid 3,800 Accounts receivable $15,000 59,400 1,090 120,000 6,150 11,250
Transcribed Image Text:The following data was taken from the books as at December 31 of Carla Vista Inc.: Cash Income tax expense Sales revenue Inventory Accounts payable Operating expenses Interest expense Prepaid expenses $13,600 Common shares 4,600 Cost of goods sold 103,000 Retained earnings (as of January 1) 82,700 30,800 Bank loan payable 49,750 32,050 Equipment 31,810 Dividends paid 3,800 Accounts receivable $15,000 59,400 1,090 120,000 6,150 11,250
Determine the gross profit and net income. Gross profit $ Net Income $ Show Transcribed Text 43600 3390 Calculate the balance in the retained earnings account as of December 31. +A Balance in retained earnings account $ 1
Transcribed Image Text:Determine the gross profit and net income. Gross profit $ Net Income $ Show Transcribed Text 43600 3390 Calculate the balance in the retained earnings account as of December 31. +A Balance in retained earnings account $ 1
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