Good to Go Auto Products distributes automobile parts to service stations and re

Question

Good to Go Auto Products distributes automobile parts to service stations and repair shops. The adjusted trial balance data that follows is from the firm's worksheet for the year ended December 31, 2019 Accounts Debit Credit $ 98,700 600 13,500 139,900 Petty Cash Fund Notes Receivable, due 2020 Accounts Receivable Allowance for Doubtful Accounts Interest Receivable Merchandise Inventory Warehouse Supplies Office Supplies Prepaid Insurance $ 3,500 135 128,200 670 4,340 15,700 105,500 Building Accumulated Depreciation-Building Warehouse Equipment Accumulated Depreciation-Warehouse Equipment Office Equipment Accumulated Depreciation-Office Equipment Notes Payable, due 2020 Accounts Payable Interest Payable Loans Payable-Long-Term Mortgage Payable Colin O'Brien, Capital (Jan. 1) Colin 0'Brien, Drawing 16,550 19,500 3,750 14,700 56,600 15,500 18,500 323,945 131,100 128,200 1,104,300 ncome Summary Sales Sales Returns and Allowances Interest Income Purchases Freight In Purchases Returns and Allowances Purchases Discounts Warehouse Wages Expense Warehouse Supplies Expense Depreciation Expense-Warehouse Equipment Salaries Expense-Sales Travel Expense Delivery Expense Salaries Expense-Office Office Supplies Expense Insurance Expense Utilities Expense Telephone Expense Payroll Taxes Expense Building Repairs Expense Property Taxes Expense Uncollectible Accounts Expense Depreciation Expense-Building Depreciation Expense-Office Equipment Interest Expense Totals 460,000 9,500 13,350 8,940 108,300 5,500 3,100 151,400 23,700 37,125 84,700 1,190 9,575 7,700 31,300 16,100 3,280 5,300 1,590 3,700 $1,718,105 $1,718,105

Explanation / Answer

Good to Go Auto Products Income Statement Operating Revenue 1104300 Less : Sales return and allowance -8100 Net Sales 1096200 Cost of Goods Sold Merchandise inventory, January 1,2019 128200 Purchases 460000 Freight In 9500 Delivered cost of Purchases 469500 Less: Purchases returns and allowances 13350 Purchase discounts 8940 Net delivered cost of purchases 22290 447210 Total merchandise available for sale 575410 Gross profit on sales 520790 Operating expenses Warehouse expenses Warehouse Wages expense 108300 Warehouse Supplies expenses 5500 Depreciation Expense - Warehouse Equipment 3100 Total warehouse expenses 116900 Selling expenses Salaries Expense 151400 Travel Expense 23700 Delivery Expense 37125 Total selling expenses 212225 General and administrative expenses Salaray Expense - Office 84700 Office Supplies Expense 1190 Insurance Expense 9575 Utilities Expense 7700 Telephone Expense 3250 Payroll Taxes Expense 31300 Building repairs Expense 3400 Property Taxes Expense 16100 Uncollectible Accounts Expense 3280 Depreciation Expense - Building 5300 Depreciation Expense - Office Equipment 1590 Interest Expense 3700 Total general and administrative expenses 171085 Total operating expenses 500210 Income from operations 20580 Other Income Interest Income 550 550 Other expenses Net non operating expenses Net Income for year 21130

Related Questions

Navigate

• Browse (All)
• Browse G
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.