2. a) Using the following information for Campbell Enterprises, prepare an annual: Multiple-step income statement Retained earnings statement Classified balance...

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2.     a) Usingthe following information for Campbell Enterprises, prepare anannual:
                  Multiple-step income statement
                  Retained earnings statement
                  Classified balance sheet (7points)
b) Using the above information, compute Campbell’s gross profitrate. Please show the details of
           your computation: (1 point)
Gross profitrate           ____________________________________________
Campbell Enterprises, Inc.
Adjusted Trial Balance
December 31, 2019
                                                                                        Debit                  Credit
Cash                                                                  4,000
AccountsReceivable                                      15,000
Inventory                                                        30,000
PrepaidInsurance                                             4,000
Supplies                                                            3,000
Long-term Investment inStock                        6,000
Land                                                                20,000
Buildings                                                      120,000
Accumulated Depreciation—
Buildings                                                                                    20,000
Patents                                                            10,000
AccountsPayable                                                                         10,000
UnearnedRevenue                                                                         2,000
Bonds Payable (due in2023)                                                        20,000
CommonStock                                                                             80,000
RetainedEarnings                                                                         44,000
Dividends                                                        30,000
SalesRevenue                                                                             305,000
InterestRevenue                                                                             5,000
SalesDiscounts                                                 6,000
Sales Returns &Allowances                            8,000
Cost of GoodsSold                                       188,000
Salaries and WagesExpense                          21,000
DepreciationExpense                                     10,000
UtilitiesExpense                                               5,000
InsuranceExpense                                            3,000
SuppliesExpense                                              2,000
InterestExpense                                              1,000
                                                                      486,000                486,000

Answer & Explanation Solved by verified expert

4.0 Ratings (653 Votes)

Answer2a CAMPBELL ENTERPRISES INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 312019 PARTICULARS AMOUNT Net sales revenue 291000 Sales revenue 305000 Less Sales discounts 6000 Less Sales returns allowances 8000 LessCost of goods sold 188000 Gross profit 103000 LessOperating expenses See Answer

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