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Anonymous
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13. (TCOS B AND D) THE FOLLOWING ITEMS ARE TAKEN FROM THE FINANCIAL STATEMENTS OF LACEY COMPANY FOR 2012: Advertising Expense $14,000 Accounts Receivable 12,000 Cost of Goods Sold 65,000 Accumulated Depreciation—Equipment 20,000 Accounts Payable 21,000 Cash 44,000 Depreciation Expense 17,000 Common Stock 100,000 Dividends 25,000 Insurance Expense 5,000 Note Payable (due 2014) 70,000 Rent Expense 4,000 Prepaid Insurance 17,000 Retained Earnings (beginning) 22,000 Salaries Expense 50,000 Salaries Payable 3,500 Net sales 175,000 Supplies 4,000 Supplies Expense 3,000 Equipment 210,000 INSTRUCTIONS (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)

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