please fix all the incorrect answers which is appear to be red Comprehensive Pro
ID: 2489163 • Letter: P
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please fix all the incorrect answers which is appear to be red
Comprehensive Problem 9 Kenseth Corporation's unadjusted trial balance at December 1, 2014, is presented below Debit Credit Cash Accounts Receivable Notes Receivable Interest Receivable Inventory Prepaid Insurance Land Buildings Equipment Patent Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Notes Payable (due April 30, 2015) Interest Payable Notes Payable (due in 2020) Common Stock Retained Earnings Dividends Sales Revenue Interest Revenue Gain on Disposal of Plant Assets $25,070 36,350 8,200 36,320 3,840 20,000 141,000 60,500 10,530 $590 47,000 24,200 27,500 12,000 35,310 57,700 11,110 14,700 939,700Explanation / Answer
KENSETH CORPORATION Income Statement for the year ending December 31, 2014. Net Sales 945,200 Cost of Goods sold 638,200 Groos Profit 307,000 Operating Expenses Salaries & wages Expenses 110,660 Other Opearting Expenses 61,800 Depreciation Expense 20,691 Bad Debts Exp. 4,140 Insurance Expense 2,560 Amortization Expense 1,170 201,021 Total Operating Expenses 201,021 Income From Operations 105,979 105,979 Other revenues & gains: Gain on disposal of plant 1,040 Interest Revenue 492 1,532 Other Expenses & losses : Interest Expense 4731 Income before income Tax 102,780 Income Tax expense 12,810 Net Income 89,970 KENSETH CORPORATION Retained Earnings Statement for the year ending Dec,31, 2014 Retained Earnings, January 1. 11,110 Add:Net Income / (loss) 89,970 101,080 Less: Dividend 14,700 Retined Earnings, December 31. 86,380
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