lease answer 3 &
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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please answer 3 & 4 only and show solutions thank you

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

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?
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