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question glenn corporation had the following list of account balances for the year e 4284579

Question

Glenn Corporation had the following list of account balances for the year ended December 31,2016. Net Sales Accounts Receivable Equipment Accounts Payable Accumulated Depreciation Inventories Unearned Revenue $1,650,000 Cash 300,000 840,000 170,000 32,000 1,140,000 20,000 99,000 94,000 140,000 Operating Expenses 420,000 Common Stock 120,000 Interest Income 40,000 Gross Profit 20,000 Prepaid Rent 50,000 Income Taxes Expense Notes Payable Dividends Interest Expense 200,000 Retained Earnings, January 1, 5,000 2016 2,000 Required 1. Calculate the cost of goods sold for the year ended December 31, 2016 2. Calculate ending retained earnings for the year ended December 31, 2016. 3. Calculate current assets on December 31, 2016. 4. Calculate total liabilities on December 31, 2016. 5. Calculate net income for the year ended December 31, 2016.

 

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