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Home Q & A Board Other Fields Homework Help Business Accounting
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H3Ko H3Ko
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7 years ago
Refer to the following trial balance.

   Debit   Credit
Cash   $4,000   
Accounts Receivable   14,000   
Inventory   16,000   
Supplies   5,000   
Land   100,000   
Accounts Payable      $6,000
Notes Payable      25,000
Common Stock      61,000
Retained Earnings      10,000
Dividends   2,000   
Sales Revenue      180,000
Sales Returns and Allowances   5,000   
Sales Discounts   6,000   
Cost of Goods Sold   80,000   
Salaries Expense   5,000   
Utilities Expense   24,000   
Rent Expense   18,000   
Interest Expense   3,000   ________
Totals   $282,000   $282,000

How much is the gross profit?
A) $169,000
B) $282,000
C) $180,000
D) $89,000
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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H3Ko Author
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7 years ago
I posted this question a while back then forgot to check the forum lol Thanks for answering, you were right
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