Reference no: EM132217765

Question - Use the following information to Schedule of Cost of Goods Sold and a multi-step Income Statement.

Accounts Balance as of 12/31/18 before any temporary accounts are closed.

Cash 66,300

Accounts Receivable 2,450

Building 450,250

Accumulated Depreciation 200,000

Inventory 185,700

Supplies 5,200

Capital Stock 300,000

Dividends 40,000

Purchases 736,200

Salaries Expense 76,400

Inventory (January 1, 2018) 171,000

Operating Expense 110,100

Salaries Payable 2,600

Retained Earnings 211,100

Freight-In 3,500

Sales 972,400

Accounts Payable 15,300

Depreciation Expense 40,000

What is the dollar amount of cost of goods sold for the year?

What is the dollar amount of cost of goods available for sale?

What dollar amount of inventory will be shown on the year-end balance sheet?

After the temporary accounts are closed, what is the balance in retained earnings?

What is the dollar amount of Total Assets reported on the year-end Balance Sheet?

What is the dollar amount of Total Liabilities reported on the year-end Balance Sheet?

Write the accounting equation, filling in the appropriate amounts. Does it balance?