1. What is the Gross Profit under Multiple Step Income Statementa. 389816b. 505526c. 446773d. 9722992. What is the total selling Expenses under multiple step income statement? a. 118295b. 253021c. None of the aboved. 8565893. What is Total general & Administrative Expenses under Multiple step income statement?a. 18500b. 253021c. None of the above,d. 118595 B-05.10Single-step and multiple-step income statementsStober's Lawn Sprinkler Company sells irrigation equipment. Below is information necessary to prepare Sto-ber's income statement for the year ending December 31, 20X7. Stober attributes 60% of the rent and utili-ties to selling functions, and the remainder to general and administrative activities. Seventy percent of thesalaries are devoted to sales. Prepare an income statement in both single-step and multiple-step formats.Advertising expenseCost of goods soldRent expenseSalaries expenseNet salesIncome tax expenseUtilities expenseInterest expense$33,998466,773144,000166,321972,29930,00026,99718,500

A single-step income statement reports the company's net income by using a single computation and…

1. What is the Gross Profit under Multiple Step Income Statement a. 389816 b. 505526 c. 446773 d. 972299 2. What is the total selling Expenses under multiple step income statement? a. 118295 b. 253021 c. None of the above d. 856589 3. What is Total general & Administrative Expenses under Multiple step income statement? a. 18500 b. 253021 c. None of the above, d. 118595

1. What is the Gross Profit under Multiple Step Income Statement a. 389816 b. 505526 c. 446773 d. 972299 2. What is the total selling Expenses under multiple step income statement? a. 118295 b. 253021 c. None of the above d. 856589 3. What is Total general & Administrative Expenses under Multiple step income statement? a. 18500 b. 253021 c. None of the above, d. 118595

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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Multiple choice
Hh1.
1) What type of account is Cost of Goods Sold? What statment does it appear on? Is it a Real or Nominal account? Is it temporary? Is it a CR or DR balance.2) I have read on the internet that it is an expense, however looking at my workbook showing the Income Statement it is lilsted under Sales & Revenues and added together to obtain Gross Profit.
Please help me
Prepare a detailed Statement of Comprehensive Income. Arrange the title of the following account in its proper position. a. How much is the total net revenue? b. How much is the total net profit from the operation? c. How much is the total gross profit? d. How much is ?the total cost of goods sold
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8/ Which of the following term is referred as the inventory cost to the seller of the goods sold to customers? a. Income statement b. Inventory c. Balance sheet d. Cost of goods sold
7. Consider the following: Code: A= Gross Profit to Net Sales Ratio B= Gross Profit to Cost of Goods Sold Ratio Which equation is correct? B = A a. 1 - A b. B = 1 + A A с. B = 1 - A A d. B = A 1 + A
Can you please help with journal entries on question 5. Thank you!
10. Choose the options to correctly complete the following statement. Some balance sheet and income statement accounts that vary directly with sales include: 1. Cost of goods sold II. Depreciation III. Accounts payable IV. Accounts receivable O I, II, III only O I, II, IV only O I, III, IV only O I, II, III, and IV
17/_____________ is treated as an asset and the cost of goods on hand as well as available for sale at any given time in the business. a. Merchandise inventory b. Cost of goods sold c. None d. Gross profit
Which of the following expressions is incorrect? Gross profit - operating expenses = net income Net income + operating expenses = gross profit ● Sales revenue - cost of goods sold - operating expenses = net income ● Operating expenses - cost of goods sold = gross profit