The following data was taken from the books of Peanut Inc. as of December 31, 2020:
Cost of goods sold $ 15,300 Selling & administrative expense $3,500
Income tax expense 6,120 Accounts payable 12,000
Cash 3,500 Common shares, (3,250 shares) 20,000
Retained earnings (Jan 1) 8,000 Dividends 6,000
Other income 1,500 Interest expense 900
Sales revenue 35,000 Depreciation expense 1,500
Equipment 39,680
Instructions
a) Calculate total assets.
b) Calculate total revenue and expenses.
c) Calculate total liabilities.

Question

Quizplus · Accepted Answer

The Answer of The following data was taken from the books of Peanut Inc. as of December 31, 2020:
Cost of goods sold $ 15,300 Selling & administrative expense $3,500
Income tax expense 6,120 Accounts payable 12,000
Cash 3,500 Common shares, (3,250 shares) 20,000
Retained earnings (Jan 1) 8,000 Dividends 6,000
Other income 1,500 Interest expense 900
Sales revenue 35,000 Depreciation expense 1,500
Equipment 39,680
Instructions
a) Calculate total assets.
b) Calculate total revenue and expenses.
c) Calculate total liabilities.

The Following Data Was Taken from the Books of Peanut