Set forth below is the adjusted trial balance for Alpha Company, which just completed its fiscal year ended December 31, 2019. A $70 installment is due on the Note Payable during 2020. Cr. Accounts Cash Accounts Receivable Inventory Prepaid Insurance Equipment. Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Note Payable Common Stock Retained Earnings Dividends Sales Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salaries Expense Rent Expense Utilities Expense Depreciation Expense Insurance Expense Interest Expense Loss on Sale of Fixed Assets Income Tax Expense Rent Expense Utilities Expense Depreciation Expense Insurance Expense Interest Expense Loss on Sale of Fixed Assets Income Tax Expense Calculate the following numbers: Net Sales: 8270 Gross Profit: 3540 Operating Income: 1890 Income before Taxes: 60 Net Income: 10710 Dr. 120 670 790 90 320 70 330 160 4,730 1.890 650 370 140 130 80 110 60 150 690 240 20 560 110 180 650 370 140 130 80 110 60 10,710 8,760 10,710

Set forth below is the adjusted trial balance for Alpha Company, which just completed its fiscal year ended December 31, 2019. A $70 installment is due on the Note Payable during 2020. Cr. Accounts Cash Accounts Receivable Inventory Prepaid Insurance Equipment. Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Note Payable Common Stock Retained Earnings Dividends Sales Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salaries Expense Rent Expense Utilities Expense Depreciation Expense Insurance Expense Interest Expense Loss on Sale of Fixed Assets Income Tax Expense Rent Expense Utilities Expense Depreciation Expense Insurance Expense Interest Expense Loss on Sale of Fixed Assets Income Tax Expense Calculate the following numbers: Net Sales: 8270 Gross Profit: 3540 Operating Income: 1890 Income before Taxes: 60 Net Income: 10710 Dr. 120 670 790 90 320 70 330 160 4,730 1.890 650 370 140 130 80 110 60 150 690 240 20 560 110 180 650 370 140 130 80 110 60 10,710 8,760 10,710

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 9PB: Elegant Linens uses the balance sheet aging method to account for uncollectible debt on receivables....

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