- The Following Accounts And Their Current Balances Appear In The Ledger Of Cerelat Co At The End Of Its Fiscal Year J 1 (39.76 KiB) Viewed 11 times
- The Following Accounts And Their Current Balances Appear In The Ledger Of Cerelat Co At The End Of Its Fiscal Year J 2 (11.42 KiB) Viewed 11 times
● The following accounts and their current balances appear in the ledger of Cerelat Co. at the end of its fiscal year, June 30, Cerelat uses a periodic inventory system. Cash 1,600,000 Accounts Receivable 850,000 Inventory 7,000 Estimated Returns Inventory 3,500 Office Supplies 16,000 210,000 100,000 48,000 22,000 130,000 60,000 40,000 11,000 9,000 12,000 15,000 Prepaid Insurance Office Equipment Accum. Depe-Office Equip Store Equipment Accum. Depr.-Store Equip.. Accounts Payable Salaries Payable Customer Refunds Payable Notes Payable (long-term) Common Stock Retained Earnings Dividends $450,000 Sales 650,000 Purchases 850,000 Purchases Returns and Allowances 15,000 Purchases Discounts 8,000 Freight In 8,500 Sales Salaries Expense 900,000 Advertising Expense 600,000 Depreciation Expense-Store Equip 600,000 Delivery Expense 280,000 Office Salaries Expense 86,000 Rent Expense 45,000 Depreciation Expense-Office Equip 4,000 Insurance Expense 100,000 Office Supplies Expense 600,000 Miscellaneous Administrative Exp 1,704,000 Interest Expense 25,000 A physical inventory at the end of June was $882,000. Estimated Returns Inventory is expected to increase to $16,500. What is Cerelat Co.'s income from operations for the year?
A physical inventory at the end of June was $882,000. Estimated Returns Inventory is expected to increase to $16,500. What is Cerelat Co.'s income from operations for the year? Oa: $180,000 Ob. $136.000 Oc. $105,000 Od. $121,500 Next