Compute for the Net Income. Legal and audit feesRent for office space, share equally by the administrative andsales offices700,0002,400,000Delivery expense600,0001,500,000850,000650,000250,00050,00075,000150,000350,00015,500,0006,500,000Office salariesInsuranceSales representative salariesSales discountDepreciation expense, sales equipmentDepreciation expense – office equipmentAdvertising expenseSales commission expenseSalesCost of goods sold

Net Income = Sales - Cost of Goods Sold - Operating Expenses

Legal and audit fees Rent for office space, share equally by the administrative and sales offices 700,000 2,400,000 600,000 Delivery expense Office salaries Insurance Sales representative salaries Sales discount Depreciation expense- sales equipment Depreciation expense – office equipment Advertising expense Sales commission expense 1,500,000 850,000 650,000 250,000 50,000 75,000 150,000 350,000 15,500,000 6,500,000 Sales Cost of goods sold

Legal and audit fees Rent for office space, share equally by the administrative and sales offices 700,000 2,400,000 600,000 Delivery expense Office salaries Insurance Sales representative salaries Sales discount Depreciation expense- sales equipment Depreciation expense – office equipment Advertising expense Sales commission expense 1,500,000 850,000 650,000 250,000 50,000 75,000 150,000 350,000 15,500,000 6,500,000 Sales Cost of goods sold

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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