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Navaria Inc. manufactures and sells chair lift mobility aids. These are chairlift systems designed for inhome use to aid persons with mobility challenges. The company sells its systems online and through a network of independent sales agents. Installation of the systems is done by independent contractors hired directly by Navaria's customers. The following information was taken from Navaria's financial records for the year ended June 30, 2020: (in thousands of dollars) Administrative expenses Cost of goods sold Other expenses Financing expenses Interest revenue Income tax expense Sales revenue $9,639 78,460 644 827 633 4,939 119,986 Engineering activities Research and development activities Sales and marketing activities Wages $1,931 780 3,620 Rental of Equipment $64 32 0 Advertising $0 0 5,809 Depreciation $522 127 28

Navaria Inc. manufactures and sells chair lift mobility aids. These are chairlift systems designed for inhome use to aid persons with mobility challenges. The company sells its systems online and through a network of independent sales agents. Installation of the systems is done by independent contractors hired directly by Navaria's customers. The following information was taken from Navaria's financial records for the year ended June 30, 2020: (in thousands of dollars) Administrative expenses Cost of goods sold Other expenses Financing expenses Interest revenue Income tax expense Sales revenue $9,639 78,460 644 827 633 4,939 119,986 Engineering activities Research and development activities Sales and marketing activities Wages $1,931 780 3,620 Rental of Equipment $64 32 0 Advertising $0 0 5,809 Depreciation $522 127 28

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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Navaria Inc. manufactures and sells chair lift mobility aids. These are chairlift systems designed for inhome use to aid persons with mobility challenges. The company sells its systems online and through a network of independent sales agents. Installation of the systems is done by independent contractors hired directly by Navaria's customers. The following information was taken from Navaria's financial records for the year ended June 30, 2020: (in thousands of dollars) Administrative expenses Cost of goods sold Other expenses Financing expenses Interest revenue Income tax expense Sales revenue $9,639 78,460 644 827 633 4,939 119,986 Engineering activities Research and development activities Sales and marketing activities Wages $1,931 780 3,620 Rental of Equipment $64 32 0 Advertising $0 0 5,809 Depreciation $522 127 28
Transcribed Image Text:Navaria Inc. manufactures and sells chair lift mobility aids. These are chairlift systems designed for inhome use to aid persons with mobility challenges. The company sells its systems online and through a network of independent sales agents. Installation of the systems is done by independent contractors hired directly by Navaria's customers. The following information was taken from Navaria's financial records for the year ended June 30, 2020: (in thousands of dollars) Administrative expenses Cost of goods sold Other expenses Financing expenses Interest revenue Income tax expense Sales revenue $9,639 78,460 644 827 633 4,939 119,986 Engineering activities Research and development activities Sales and marketing activities Wages $1,931 780 3,620 Rental of Equipment $64 32 0 Advertising $0 0 5,809 Depreciation $522 127 28
Prepare a multi-step statement of income for the year ended June 30, 2020 that reports expenses by function. (Enter amounts in thousands.) Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Administrative Expenses Wages Expense Advertising Expense Depreciation Expense Rent Expense Total Operating Expenses Navaria Inc. Statement of Income For the Year Ended June 30, 2020 (in thousands of dollars) GA
Transcribed Image Text:Prepare a multi-step statement of income for the year ended June 30, 2020 that reports expenses by function. (Enter amounts in thousands.) Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Administrative Expenses Wages Expense Advertising Expense Depreciation Expense Rent Expense Total Operating Expenses Navaria Inc. Statement of Income For the Year Ended June 30, 2020 (in thousands of dollars) GA
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