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(a) Calculate the net income. (18 points)
(b) Calculate the balance of Retained Earnings that would appear on a
balance sheet at December 31, 2012. (7 points)
(c) Calculate the gross profit percentage. (5 points) (Points : 30
Lacey Company
Income Statement
Question 13. Question : (TCOs B and D) The following items are taken
from the financial statements of Ashe Company for 2012:
Equipment $100,000
Accounts Receivable 12,000
Accounts Payable 9,000
Cost of Goods Sold 72,000
Utilities Expense 11,000
Depreciation Expense 17,000
Insurance Expense 9,000
Question 14. Question : (TCO D) The following items are taken from
the financial statements of BGS Company for 2012:
Cash $500,000
Accounts Receivable 200,000
Supplies 70,000
Accounts Payable 147,300
Unearned Service Revenue 18,000
Equipment, net of accumulated depreciation 212,000
Instructions