Please answer all Assignments: 2018SS A. Chapter 6 Homework Solved: Preparing a

Question

Please answer all Assignments: 2018SS A. Chapter 6 Homework Solved: Preparing a Mut. Solved: Reporting Sales E connect ACCTCY 2036: Summer 2018 ACCOUNTING Chapter 6 Homework Questions 6 -8 (of 8) [The following information applies to the questions displayed below.] Psymon Company, Inc. sells construction equipment. The annual fiscal period ends on December 31. The following adjusted trial balance was created from the general ledger accounts on December 31 Account Titles Debits Credits $ 51,470 Cash Accounts Receivable 21,600 78,500 59,000 Property and Equipment Accumulated Depreciation 24,800 36,300 Common Stock Retained Earnings, January 1 Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Saleries and Wages Expense Office Expense Interest Expenses Income Tax Expense 13,400 7900 9,800 119,600 20,600 21,600 2,900 $405,000 $405,000 Totals 6. 1.25 points

Explanation / Answer

2)Income statement

Net sales = 222500-7900-9800=204800

3)Gross profit % = Gross profit/net sales

                      = 85200/204800

                      = .4160 or 41.6%

Net sales 204800 less:cost of goods sold (119600) Gross profit 85200 less:operating expense salaries and wage expense (20600) office expense (21600) Total Operating expense (42200) operating income 43000 other income and expense lnterest expense (2900) Income before tax 40100 less:Income tax expense (12030) Net Income 28070

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