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ACCT 382 - Week 4 - Chapter 4 Homework - Question 1

ACCT 382 - Week 4 - Chapter 4 Homework - Question 1
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ACCT 382 - Week 4 - Chapter 4 Homework - Question 1

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Question 1

The following is a partial trial balance for the Green Star Corporation as of December 31, 2013:

  Account Title

    Debits

   Credits

  Sales revenue

 

1,300,000    

  Interest revenue

 

30,000    

  Gain on sale of investments

 

50,000    

  Cost of goods sold

720,000    

 

  Selling expense

160,000    

 

  General and administrative expenses

75,000    

 

  Interest expense

40,000    

 

  Income tax expense

130,000    

 


100,000 shares of common stock were outstanding throughout 2013.