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Accounting

At December 31, 2009, the general ledger of Main Street Marketing had the following account balances. All adjusting entries (except for income taxes at 40%) have been met. The company had 9,000 shares of comon stock outstanding during the year.

Accounts Payable $7340

Accounts Receivable $12,980

Accrued liabilities $22,500

Accumulatted Depreciation $14,980

Advertising Expense $8,777

Cash $7,980

Common Stock $28,000

Cost of goods sold $118,922

Depreciation expense $11,254

Equipment $78,700

Loss on sale of land $7,900

Interest expense $1,980

Merchandise

a. What is the amount of gross profit? Show calculations

b. What is the amount of operating income? Show calculations

c. What is the amount of pretax income?Show calculations

d. What is the amount of net income? Show calculations

e. What are the earnings per share? Show calculations

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9432468

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