Please given answer accounting Perry Corp. reports operating expenses in two categories: (1) selling and (2) general andadministrative. The adjusted trial balance at December 31, 2012, included the followingexpense accounts:Accounting and legal feesAdvertisingFreight-outInterest$280,000240,000150.000120,000Loss on sale of long-term investments 60,000Officers' salariesRent for office spaceSales salaries and commissions360,000360,000220,000One-half of the rented premises is occupied by the sales department.How much of the expenses listed above should be included in Perry's general andadministrative expenses for 2012?a. $820,000b. $880,000c. $940,000d. $1,000,000

Step 1: Define General And Administrative Expenses:General and Administrative Expenses are routine…

Answered: Perry Corp. reports operating expenses…

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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Copy of Perry Corp. reports operating expenses in two categories: (1) selling and (2) general and administrative. The adjusted trial balance at December 31, 2020, included the following expense accounts: Accounting and legal fees Advertising $140,000 220,000 Freight-out 75,000 Interest 60,000 Loss on sale of long-term investments 30,000 Officers' salaries 170,000 Rent for office space 180,000 Sales salaries and commissions 110,000 One-half of the rented premises is occupied by the sales department How much of the expenses listed above should be included in Perry's selling expenses for 2020? 1,195,000 400,000 9:39 AM 80°F A O 4 ENG 8/12/2021
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