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1) What is the amount of cost of goods sold for the current period? A. 4,800,000 В. 4,720,000 C. 5,020,000 С. D. 5,100,000 2) What is the amount of general and administrative expense for the current period? A. 930,000 В. 800,000 С. 880,000 D. 830,000 3) What is the amount of selling and distribution expense for the current period? A. 900,000 B. 880,000 В.

1) What is the amount of cost of goods sold for the current period? A. 4,800,000 В. 4,720,000 C. 5,020,000 С. D. 5,100,000 2) What is the amount of general and administrative expense for the current period? A. 930,000 В. 800,000 С. 880,000 D. 830,000 3) What is the amount of selling and distribution expense for the current period? A. 900,000 B. 880,000 В.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Spades Company provided the following information for the year ended December 31, 2022: Sales 8,000,000 Sales salaries 520,000 Advertising 120,000 Indirect labor 600,000 Delivery expense 160,000 Freight in Depreciation – machinery Factory taxes 80,000 50,000 130,000 Purchases 1,600,000 Direct labor 1,480,000 Factory supplies expense Office supplies expense 120,000 30,000 Office salaries 800,000 Factory superintendence Doubtful accounts 480,000 100,000 Factory maintenance Factory heat, light and power Income tax expense 150,000 220,000 170,000 Inventory balances at the end of the fiscal period as compared with balances at the beginning of the fiscal period were as follows: Finished goods Goods in process 200,000 decrease 90,000 decrease Raw materials 100,000 increase 1) What is the amount of cost of goods sold for the current period? A. 4,800,000 B. 4,720,000 C. 5,020,000 С. D. 5,100,000 2) What is the amount of general and administrative expense for the current period? A. 930,000 B. 800,000 C. 880,000 D. 830,000 3) What is the amount of selling and distribution expense for the current period? A. 900,000 В. 880,000 C. 960,000 D. 800,000 4) What is the amount of net profit for the current period? А. 1,170,000 B. 1,380,000 C. 1,300,000 D. 1,000,000
Transcribed Image Text:Spades Company provided the following information for the year ended December 31, 2022: Sales 8,000,000 Sales salaries 520,000 Advertising 120,000 Indirect labor 600,000 Delivery expense 160,000 Freight in Depreciation – machinery Factory taxes 80,000 50,000 130,000 Purchases 1,600,000 Direct labor 1,480,000 Factory supplies expense Office supplies expense 120,000 30,000 Office salaries 800,000 Factory superintendence Doubtful accounts 480,000 100,000 Factory maintenance Factory heat, light and power Income tax expense 150,000 220,000 170,000 Inventory balances at the end of the fiscal period as compared with balances at the beginning of the fiscal period were as follows: Finished goods Goods in process 200,000 decrease 90,000 decrease Raw materials 100,000 increase 1) What is the amount of cost of goods sold for the current period? A. 4,800,000 B. 4,720,000 C. 5,020,000 С. D. 5,100,000 2) What is the amount of general and administrative expense for the current period? A. 930,000 B. 800,000 C. 880,000 D. 830,000 3) What is the amount of selling and distribution expense for the current period? A. 900,000 В. 880,000 C. 960,000 D. 800,000 4) What is the amount of net profit for the current period? А. 1,170,000 B. 1,380,000 C. 1,300,000 D. 1,000,000
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