27) South Seas reported the following items on its financial statements. Determine the amount of the missing operating expenses.
Net income$ 50,000
Sales250,000
Cost of goods sold80,000
28) South Seas reported the following items on its financial statements. Determine the amount of cost of goods sold.
Net income$ 50,000
Sales250,000
Operating expenses120,000
29) South Seas reported the following items on its financial statements. Determine the amount of net income. Then calculate the ending balance for retained earnings.
Sales$ 300,000
Cost of goods sold180,000
Operating expenses40,000
Net income??
Dividends2,000
Beginning retained earnings30,500
30) Jem's Jewelers reported the following items on its financial statements. Determine the amount of net income. Then calculate the ending balance for retained earnings.
Sales$ 250,000
Cost of goods sold57,500
Operating expenses25,000
Net income??
Dividends4,000
Beginning retained earnings55,500
31) Analyze each of the following transactions and determine the effect on the accounting equation.
1. Purchased three months' worth of prepaid advertising for $300.
2. Paid $500 cash on an account payable.
3. Paid $100 for supplies.
4. Performed $4,000 of services on account.