Week 4 Assignment

Provide correct answer the general accounting question

Problem 9-13 (IAA) Corazon Company provided the following information for the current year: Sales Sales returns and allowances Cost of goods sold Utilities expense Interest revenue Income tax expense Casualty loss due to earthquake Finance cost Salaries expense Loss on sale of investments 7,000,000 100,000 2,800,000 1,000,000 150,000 800,000 50,000 200,000 600,000 50,000 What amount should be reported as income from continuing operations? a. 1,550,000 b. 1,600,000 c. 2,350,000 d. 1,400,000

[The following information applies to the questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold $ 156,000 Income Tax Expense Net Sales 15, 120 253,890 18,100 36,600 Office Expense Salaries and Wages Expense Required: 1. Prepare a multistep income statement for external reporting purposes. MYSTERY INCORPORATED Income Statement ---

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1

Subject: accounting

! Required information [The following information applies to the questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: $ 175,000 20,700 260,000 46,000 20,000 7,650 44,200 Cost of Goods Sold Income Tax Expense Merchandise Sales (gross revenue) for Cash Merchandise Sales (gross revenue) on Credit Office Expense Sales Returns and Allowances Salaries and Wages Expense 2-a. What was the dollar amount of gross profit? 2-b. What was the gross profit percentage? (Round your percentage to 1 decimal place.) 2-a. Gross Profit 2-b. Gross Profit Percenta EX: This is a numeric cell, so please enter numbers only.

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In providing accounting services to small businesses, you encounter the following situations. 1. 2. Waterway Corporation rings up cash sales and sales taxes separately on its cash register. On April 10, the register totals are pre-tax sales of sales $6,500 plus GST of $325 and PST of $520. (i) During the month of March, Concord Corporation's employees earned and were paid gross salaries of $60,000. Withholdings deducted from employee earnings related to these salaries were $3,254 for CPP, $948 for El, $7,750 for income taxes. (ii) Concord's employer portions were $3,254 for CPP and $1,327 for El for the month. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) No. Account Titles 1. Debit Credit 2 (i). 2 (ii).

Calculate the missing items in the income statement. Dollar amounts indicated are in thousands. The "Income Tax" field also includes interest expense and other income and losses. *ATTACHED IS THE CHART WITH THE INFORMATION*

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Calculate the missing items in the income statement. Dollar amounts indicated are in thousands. The "Income Tax" field also includes interest expense and other income and losses. *Also includes interest expense and other income and losses. Company Coreindi Co. Year Ended December 31, 20XX Revenue $9,475,343 Cost of Goods Sold ($)   Gross Margin 4,934,707 Operating Expenses 3,104,686 Income before Taxes ($)   Income Tax* ($)   Net Income (loss) 1,069,744

Why are the following items listed as a DR?  Aren't they CR accounts?  Exp;enses are CR accounts aren't they since they reduce assets? Income Statement Sales and Labor Revenue                                                 $1,592,430Cost of Goods                                                                   $762,200Gross Profit                                                                       $ 830,230 Operating Expenses:Salary Expense                               $337,425Depreciation Expense                      $44,500 Tax Expense                                      $30,200Insurance Expense                           $22,000Office Expense                                   $3,050Miscellaneous Expense                      $9,730Total Expenses                                                                   $446,905                                                                                           $383,325

rrent Attempt in Progress n providing accounting services to small businesses, you encounter the following situations. 1. 2. Lily Corporation rings up cash sales and sales taxes separately on its cash register. On April 10, the register totals are pre-tax sales of sales $4,200 plus GST of $210 and PST of $336. (i) During the month of March, Bramble Corporation's employees earned gross salaries of $60,000. Withholdings deducted from employee earnings related to these salaries were $3,254 for CPP, $948 for El, $7,050 for income taxes. (ii) Bramble's employer portions were $3,254 for CPP and $1,327 for El for the month. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)

Vaibhav Subject: acounting

General Accounting

Can you help me solve this general accounting question using the correct accounting procedures?

E6-17 Analyzing Gross Profit Percentage on the Basis of a Multistep Income Statement [LO 6-6] [The following information applies to the questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold Income Tax Expense Merchandise Sales (gross revenue) for Cash Merchandise Sales (gross revenue) on Credit Office Expenses Sales Returns and Allowances Salaries and wages Expense $169,000 18,940 248,000 43,600 19,400 7,290 41,800

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Required Information [The following information applies to the questions displayed below.] Suresh Company reports the following segment (department) income results for the year. Sales Expenses Department M $ 89,000 Department N $ 47,000 Department o $ 85,000 Department P $ 73,000 Department T $ 46,000 Total $ 340,000 48,400 24,600 Total expenses Income (loss) 73,000 $ 9,400 $ (26,000) 19,100 6,200 25,300 $ 59,700 24,000 55,800 167,100 59,700 23,800 174,100 83,700 79,600 341,200 $ (10,700) $ (33,600) $ (1,200) Avoidable Unavoidable 19,800 59,800 79,600 b. Compute the total increase in income if the departments with sales less than avoidable costs, as identified in part a, are eliminated. Answer is complete but not entirely correct. Total increase in income $ 10,800

am. 295.

Use the following data to create a complete income statement. All accounts must be correctly labeled and arranged in the proper order. Sales $675,000 Cost of good sold $405,000 $75,000 $20,000 $154,000 General and Administrative expenses Depreciation expense Bonds Interest Rate Tax Rate 3% 25%