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a.
226,000$ 2,500
223,500$ 100,575 122,925
88,095
6,100
Cost of goods sold
Gross profit
Operating expenses:
Salaries
Sales
Net Sales
COMPREHENSIVE PROBLEM 3
Springdale Retail, Inc.
SPRINGDALE RETAIL, INC.
Income Statement
For the Year Ended December 31, 2015
Less: Sales returns and allowances
Rent Expense
c.
15,200$ 2,600
17,500 900
1,800
38,000$
12,750$ 2,500 3,200
18,450$
22,500$
1,750 24,250 5,750
Current assets:
Total current liabilities
Non-current liabilities:
Bonds payable
Premium on bonds payable
COMPREHENSIVE PROBLEM 3
SPRINGDALE RETAIL, INC.
(continued)
Cash
A
s of December 31, 201
5
ASSETS
Statement of Financial Position
LIABILITIES
Current liabilities:
Office supplies
Accounts payable
Prepaid rent
Accounts receivable
Merchandise inventory
Total current assets
Non-current Assets
Springdale Retail, Inc.
Notes payable
Sales taxes payable
