Question

The adjusted trial balance for China Tea Company at December 31, 2018, is presented below: Debit...

The adjusted trial balance for China Tea Company at December 31, 2018, is presented below:

Debit Credit
Cash 10,500
Accounts receivable 150,000
Prepaid rent 5,000
Inventory 25,000
Equipment 300,000
Accumulated depreciation - equipment 125,000
Accounts payable 30,000
Notes payable - due in three months 30,000
Salaries payable 4,000
Interest payable 1,000
Common stock 200,000
Retained earnings 50,000
Sales revenue 400,000
Costs of goods sold 180,000
Salaries expense 120,000
Rent expense 15,000
Depreciation expense 30,000
Interest expense 2,000
Advertising expense 2,500
Totals 840,000 840,000

Homework Answers

Answer #1
China Tea Company
Multi Step Income Statement
For the period Dec 31,2018
Sales $4,00,000
Cost of goods sold $1,80,000
Gross Profit $2,20,000
Expenses:
     Salaries expenses $1,20,000
     Depreciation expenses $30,000
     Advertising expenses $2,500
     Rent expenses $15,000
Total Operating expenses $1,67,500
Operating Income $52,500
Other expenses:
     Interest expenses -$2,500
Net Profit/(Loss) $50,000
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