1.Using the following informat

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January 18th, 2023

1.Using the following information, what is the amount of grossprofit?

Purchases	$32,000	Purchases discounts	$960
Merchandise inventorySeptember 1	5,700	Merchandise inventorySeptember 30	6,370
Sales returns andallowances	910	Sales	63,000
Purchases returns andallowances	1,200	Freight In	1,040

$34,870

$31,880

$27,460

$62,090

Use the following worksheet to answer the followingquestions.

	Finley CompanyWorksheetFor the Year Ended December 31, 2014
	Adjusted Trial Balance		Income Statement		Balance Sheet
Account Title	Debit	Credit	Debit	Credit	Debit	Credit
Cash	48,000				48,000
Accounts Receivable	18,000				18,000
Supplies	6,000				6,000
Equipment	57,000				57,000
Accumulated Depr-Equip		18,000				18,000
Accounts Payable		25,000				25,000
Wages Payable		6,000				6,000
C. Finley, Capital		33,000				33,000
C. Finley, Withdrawals	3,000				3,000
Fees Earned		155,000		155,000
Wages Expense	63,000		63,000
Rent Expense	27,000		27,000
Depreciation Expense	15,000		15,000
Totals	237,000	237,000	105,000	155,000	132,000	82,000
Net Income (Loss)			50,000			50,000
			155,000	155,000	132,000	132,000

The journal entry to close revenues would be:

debit Income Summary $155,000, credit Fees Earned $155,000

debit C. Finley, Capital $155,000, credit Fees Earned$155,000

debit Fees Earned $155,000; credit Income Summary $155,000

credit Fees Earned $155,000; credit C. Finley, Capital$155,000

Abbey Co. sold merchandise to Gomez Co. on account, $35,000,terms 2/15, net 45. The cost of goods sold is $24,500. What is the amount of gross profit earned by Abbey Co. on the abovetransactions?

10,500

30,772

7,972

31,400

Use the following worksheet to answer the followingquestions.

	Finley CompanyWorksheetFor the Year Ended December 31, 2014
	Adjusted Trial Balance		Income Statement		Balance Sheet
Account Title	Debit	Credit	Debit	Credit	Debit	Credit
Cash	48,000				48,000
Accounts Receivable	18,000				18,000
Supplies	6,000				6,000
Equipment	57,000				57,000
Accumulated Depr-Equip		18,000				18,000
Accounts Payable		25,000				25,000
Wages Payable		6,000				6,000
C. Finley, Capital		33,000				33,000
C. Finley, Withdrawals	3,000				3,000
Fees Earned		155,000		155,000
Wages Expense	63,000		63,000
Rent Expense	27,000		27,000
Depreciation Expense	15,000		15,000
Totals	237,000	237,000	105,000	155,000	132,000	82,000
Net Income (Loss)			50,000			50,000
			155,000	155,000	132,000	132,000

Based on the preceding trial balance, the entry to close expenseswould be:

		WagesExpense 63,000RentExpense 27,000Depreciation Expense 15,000 Income Summary 105,000
		Expenses 105,000 Income Summary 105,000
		WagesExpense 63,000RentExpense 27,000Depreciation Expense 15,000 C. Finley,Withdrawals 105,000
		IncomeSummary 105,000 WagesExpense 63,000 RentExpense 27,000 Depreciation Expense 15,000

Answer:


1)	sales		63000
	less:Salesreturn and allowance		910
	net sales			62090

	cost of goodssold
	beginninginventory		5,700
	netpurchases
	purchases	32,000
	less purchasereturn & allowance	1,200
	less”purchasediscounts	960
	add:Freightin	1040
	netpurchases		30,880
	total goodsavailable for sale		36,580
	less:endinginventory		6,370
	cost of goodssold			30,210
	Grossprofit			31,880	answer




2)	Debit feesearned 155,000 ;credit income summary 155,000



3)	Grossprofit
	sales		35,000
	less:Salesdiscount		0
	net sales			35,000
	less: cost ofgoods sold			24,500
	Grossprofit			10,500	answer



4)	incomesummary		105,000
	wageexpense			63,000
	rentexpense			27,000
	depreciationexpense			15,000

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