General ledger for abc company

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Reference no: EM131061137

General Ledger for ABC Company

The following is the general ledger for ABC Company as of December 31, 20X1. Use this information to answer questions (1) through (4).

ABC Company

General Ledger

As of December 31, 20X1

 

Amount

Assets


Cash

$29,400

Accounts receivable

8,100

Supplies

4,900

Prepaid rent

20,200

Equipment (net)

63,800

Liabilities


Accounts payable

$ 6,300

Salaries payable

4,000

Interest payable

1,100

Utilities payable

3,700

Bonds payable

38,400

Stockholders' equity


Common stock

$60,900

Retained earnings

0

Dividends

2,100

Revenues


Sales revenue

$54,200

Interest revenue

1,400

Expenses


Cost of goods sold

$15,100

Salaries expense

7,100

Rent expense

4,900

Supplies expense

1,300

Utilities expense

4,800

Depreciation expense

2,500

Interest expense

2,100

Income tax expense

3,700

1. What is the amount of gross profit to be reported on ABC Company's 12/31/X1 income statement?

$40,500 $14,100 $39,100 $17,800

2. What is the amount of operating income (EBIT) to be reported on ABC Company's 12/31/X1 income statement?

$36,100 $18,500 $14,800 $14,100

What is the amount of earnings before taxes (EBT) to be reported on ABC Company's 12/31/X1 income statement?

$15,000 $17,800 $12,000 $18,500

4. What is the amount of net income to be reported on ABC Company's 12/31/X1 income statement?

$17,800 $12,000 $14,100 $18,500

Reference no: EM131061137

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