Refer to the following trial balance. ...
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Accounting
Refer to the following trial balance.
|
| Debit | Credit |
| Cash | $5,000 |
|
| Accounts receivable | 14,000 |
|
| Inventory | 20,000 |
|
| Supplies | 5,000 |
|
| Land | 100,000 |
|
| Accounts payable |
| $3,000 |
| Notes payable |
| 25,000 |
| Smith, Capital |
| 90,000 |
| Smith, Withdrawals | 1,000 |
|
| Sales revenues |
| 160,000 |
| Sales returns and allowances | 2,000 |
|
| Sales discounts | 3,000 |
|
| Cost of goods sold | 80,000 |
|
| Salaries expense | 5,000 |
|
| Utility expense | 23,000 |
|
| Rent expense | 18,000 |
|
| Interest expense | 2,000 |
|
| Totals | $278,000 | $278,000 |
How much is the gross profit?
How much is the gross profit?
| $155,000 |
| $80,000 |
| $230,000 |
| $75,000 |
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