Understanding Financial Accounting 3rd Canadian Edition by Christopher D. Burnley test bank

                  Interest expense                                                 900
                  Depreciation expense                                 1,500
                  Income tax expense                                  6,120
                  Total expenses                                            $27,320
 
c)     Total Liabilities
                  Accounts payable                                       $12,000
 
Bloomcode: Application
Difficulty: Medium
Learning Objective: Identify and explain the content and reporting objectives of the four basic financial statements and the notes to the financial statements.
CPA: Financial Reporting
AACSB: Analytic
 
 
90. The following data was taken from the books of Scodnick Supplies Ltd. as of December 31:
         Accounts payable                $   9,000         Income tax payable                       $ 36,800
         Cost of goods sold                    214,000         Selling expense                                  80,000
         Cash                                                12,000         General expense                               50,000
         Long-term notes payable         19,000         Accounts receivable                        10,000
         Sales revenue                            480,000         Prepaid rent                                          2,000
         Short-term investment               5,000         Dividends payable                              5,000