CompProblem03 - Student Name: Ankita Shah Class: Financial...

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Student Name: Ankita Shah Class: Financial Accounting Comp. Problem # 3 McMinn retail, Inc Income Statement December 31, 2007 Sales $226,000 Less: Sales returns and allowances ($2,500) Net sales $223,500 Cost of goods sold $100,575 Gross profit $122,925 Other expense: Salaries expense $88,095 Rent expense $6,100 Utilities expense $4,120 Depreciation expense: office equipment $2,750 Insurance expense $900 Office supplies expense $520 $102,485 Income before income taxes expense $20,440 Income taxes expense $8,190 Net income $12,250 McMinn Retail, Inc Statement of Retained Earnings for the year ended December 31, 2007 Retained earnings (1/1/07) $21,050 Add: Net income $12,250 Less: Dividends $5,000 Retained earnings (12/31/07) $28,300 McMinn Retail, Inc. Balance Sheet December 31, 2007 ASSETS Current Assets: Cash $15,200 Accounts receivable $2,600 Merchandise Inventory $17,500 Prepaid rent $1,800 Total current assets: $37,100
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Property and Equipment: Land $37,500 Office supplies $900 Office equipment
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This note was uploaded on 12/13/2009 for the course ACCOUNTING ACCTG 50 taught by Professor B during the Fall '09 term at University of Phoenix.

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CompProblem03 - Student Name: Ankita Shah Class: Financial...

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