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1. How much is the gross profit? 2. How much is the administrative expense?

1. How much is the gross profit? 2. How much is the administrative expense?

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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please answer 1 & 2 only and show solutions thank you
Problem 2. Lee Company reported the following data for the current year: 1. How much is the gross profit? 2. How much is the administrative expense? 3. How much is the selling expense? 4. How much is the net income?
Transcribed Image Text:Problem 2. Lee Company reported the following data for the current year: 1. How much is the gross profit? 2. How much is the administrative expense? 3. How much is the selling expense? 4. How much is the net income?
Legal and audit fees Rent for office space, share equally by the administrative and sales offices 700,000 2,400,000 600,000 1,500,000 850,000 650,000 250,000 50,000 75,000 Delivery expense Office salaries Insurance Sales representative salaries Sales discount Depreciation expense- sales equipment Depreciation expense- office equipment Advertising expense Sales commission expense 150,000 350,000 15,500,000 6,500,000 Sales Cost of goods sold
Transcribed Image Text:Legal and audit fees Rent for office space, share equally by the administrative and sales offices 700,000 2,400,000 600,000 1,500,000 850,000 650,000 250,000 50,000 75,000 Delivery expense Office salaries Insurance Sales representative salaries Sales discount Depreciation expense- sales equipment Depreciation expense- office equipment Advertising expense Sales commission expense 150,000 350,000 15,500,000 6,500,000 Sales Cost of goods sold
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