Bulldog Inc. pays no dividends on common stock and has a fiscal year ending on D
ID: 2427836 • Letter: B
Question
Bulldog Inc. pays no dividends on common stock and has a fiscal year ending on December 31 2012. After all of the proper 2012 adjusting entries are made, but the income statement accounts were not closed to retained earnings, the adjusted trial balance for Bulldog Inc. shows the following balances (S in millions). $47 48 96 28 39 137 17 4 Accounts Receivable Accumulated Depreciation Advances from Customers Cash Common Stock and Additional Paid in Capital Cost of Goods Sold Depreciation Expense Income lax Expense Income Tax Pavable Insurance Expense Interest Expense Interest Pavable Invento Long-term Debt Prepaid Insurance Property, Plant, and Equipment (Gross) Rent Expense Retained Earnings Revenue Treasury Stock Wage and Salary Expense Wages and Salaries Payable 18 86 76 220 58 129 303 57Explanation / Answer
Income statement Amount Revenue 303.00 Less: Cost of Goods Sold 137.00 Gross profit 166.00 Expenses Wage & Salary 57.00 Rent 58.00 Insurance 18.00 Depreciation expense 17.00 Interest 5.00 Income tax expense 4.00 Net income 7.00 LIABILITIES AMOUNT ASSETS AMOUNT Common stock & Additional Paid In capital 39.00 Property Plant & Equipment 220.00 Retained Earnings Less: Accumulated Depreciation 48.00 Opening balance 129.00 Net Property Plant & Equipment 172.00 Add: Net income 7.00 Prepaid Insurance 10.00 Less: Treasury stock 9.00 Cash 28.00 Closing balance 127.00 Accounts Receivable 47.00 Long term debt 76.00 Inventory 89.00 Advances from customers 96.00 Income tax payable 1.00 Interest payable 2.00 Wage & Salary Payable 5.00 346.00 346.00
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