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Question - The following account balances are for Genie's Lawns Ltd for the month ended 30th April
Account
$
Supplies
850
Sales revenue
82,000
Income tax expense
15,080
Cash
28,550
Accounts payable
33,310
Prepaid rent
3,500
Dividends paid
35,000
Unearned sales revenue
Accounts receivable
10,600
Accrued expenses
3,000
Share capital
50,000
Equipment
24,500
Depreciation expense
7,000
Accumulated depreciation
Retained earnings (beginning)
58,000
Cost of sales
23,280
Reserves
11,000
Interest revenue
1,050
Goodwill
16,000
Insurance expense
2,500
Inventory
9,700
Wages payable
Required - For each question below use the above information
1. Calculate the Gross Profit?
2. What is the value of the Total Expenses?
3. What the Profit before tax?
4. What the Profit after tax?
5. What would be the value of the ending Retained Earnings?
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