Refer to the Following Trial Balance How Much Is the Gross Profit?
A) $155,000
B) $80,000

question 68

Multiple Choice

Refer to the following trial balance. $$\begin{array} { | l | r | r | } \hline & \text { Debit } & \text { Credit } \\\hline \text { Cash } & \$ 5,000 & \\\hline \text { Accounts receivable } & 14,000 & \\\hline \text { Inventory } & 20,000 & \\\hline \text { Supplies } & 5,000 & \\\hline \text { Land } & 100,000 & \\\hline \text { Accounts payable } & & \$ 3,000 \\\hline \text { Notes payable } & & 25,000 \\\hline \text { Smith, Capital } & & 90,000 \\\hline \text { Smith, Withdrawals } & 1,000 & \\\hline \text { Sales revenues } & & 160,000 \\\hline \text { Sales returns and allowances } & 2,000 & \\\hline \text { Sales discounts } & 3,000 & \\\hline \text { Cost of goods sold } & 80,000 & \\\hline \text { Salaries expense } & 5,000 & \\\hline \text { Utility expense } & 23,000 \\\hline \text { Rent expense } & 18,000 & \\\hline \text { Interest expense } & 2,000 \\\hline \text { Totals } & \$ 278,000&\$278,000 \\\hline\end{array}$$ How much is the gross profit?

• A) $155,000
• B) $80,000
• C) $230,000
• D) $75,000

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Definitions:

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Individuals who are eligible to receive health care benefits under the Medicare program, typically those aged 65 and over or with certain disabilities.

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A commodity or service provided without profit to all members of a society, either by the government or a private individual or organization.

Communicable Disease

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