Adrift Kayak Sales & Services Chart of Accounts as of December 31, 20XX Account

Question

Adrift Kayak Sales & Services Chart of Accounts as of December 31, 20XX Account Description Balance Account # 2100 5850 1200 1820 2310 5615 1060 2160 3350 2180 5020 5660 3600 1725 5900 2190 3560 2150 1250 5770 4020 5775 7900 Accounts Payable Insurance Expense Accounts Receivable Accumulated Depreciation Note Payable Advertising Expense Cash Income Tax Payable Common Stock Interest Payable Cost of Goods sold Depreciation Expense Dividends Equipment Interest Expense Dividends Payable Retained Earnings Salaries Pavable Inventory Salaries Expense Sales Revenue Supplies Expense Income Tax Expense 65,251 4,426 $356,420 71,415 $213,080 34,963 92,625 79,434 60,000 162 $235,834 15,082 5,400 $428,154 162 5,400 $247,716 27,044 $125,205 $220,541 $893,659 64,915 79,434 Total $ 3,326,322

Explanation / Answer

Solution:

Computation of Net Income Particulars Amount Sales Revenue $893,659.00 Cost of goods sold $235,834.00 Gross Profit $657,825.00 Operating Expenses: Insurance Expense $4,426.00 Advertising Expense $34,963.00 Depreciation Expense $15,082.00 Salaries Expense $220,541.00 Supplies Expense $64,915.00 Earning Before interest and taxes $317,898.00 Interest Expense $162.00 Earning before taxes $317,736.00 Income tax expense $79,434.00 Net Income $238,302.00

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