General 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: Definition of General and Administrative ExpensesGeneral and administrative (G&A)…

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

See similar textbooks

Similar questions

Please given answer accounting
The trial balance and information for year-end adjustments for Vilardi Company are as follows: Vilardi CompanyTrial BalanceDecember 31, 20-- Account Title Debit Credit Cash 15,700 Accounts Receivable 9,400 Supplies 6,000 Prepaid Insurance 1,500 Equipment 50,000 Accumulated Depreciation-Equipment 10,000 Accounts Payable 5,400 Wages Payable Vilardi, Capital 29,460 Vilardi, Drawing 1,500 Service Fees 63,000 Wages Expense 15,100 Rent Expense 7,800 Supplies Expense Utilities Expense 860 Insurance Expense Depreciation Expense-Equipment 107,860 107,860 a. Supplies on hand at year-end amounted to $420. b. The equipment costing $50,000 has an expected life of five years and no salvage value. Vilardi uses straight-line depreciation. c. A premium of $1,500 for a one-year insurance policy was paid on November 1. d. Wages earned by employees but not paid by year-end amounted to $900. Prepare the…
Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Assume that the company’s income tax rate is 40% for all items. Debit Credit a. Interest revenue $ 14,400 b. Depreciation expense—Equipment $ 34,400 c. Loss on sale of equipment 26,250 d. Accounts payable 44,400 e. Other operating expenses 106,800 f. Accumulated depreciation—Equipment 72,000 g. Gain from settlement of lawsuit 44,400 h. Accumulated depreciation—Buildings 175,300 i. Loss from operating a discontinued segment (pretax) 18,650 j. Gain on insurance recovery of tornado damage 29,520 k. Net sales 1,002,500 l. Depreciation expense—Buildings 52,400 m. Correction of overstatement of prior year’s sales (pretax) 16,400 n. Gain on sale of discontinued segment’s assets (pretax) 36,000 o. Loss from settlement of lawsuit 24,150 p. Income tax expense ? q. Cost of goods sold 486,500…
Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Assume that the company’s income tax rate is 40% for all items. Debit Credit a. Interest revenue $ 14,400 b. Depreciation expense—Equipment $ 34,400 c. Loss on sale of equipment 26,250 d. Accounts payable 44,400 e. Other operating expenses 106,800 f. Accumulated depreciation—Equipment 72,000 g. Gain from settlement of lawsuit 44,400 h. Accumulated depreciation—Buildings 175,300 i. Loss from operating a discontinued segment (pretax) 18,650 j. Gain on insurance recovery of tornado damage 29,520 k. Net sales 1,002,500 l. Depreciation expense—Buildings 52,400 m. Correction of overstatement of prior year’s sales (pretax) 16,400 n. Gain on sale of discontinued segment’s assets (pretax) 36,000 o. Loss from settlement of lawsuit 24,150 p. Income tax expense ? q. Cost of goods sold 486,500…
Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Assume that the company’s income tax rate is 40% for all items. Debit Credit a. Interest revenue $ 14,400 b. Depreciation expense—Equipment $ 34,400 c. Loss on sale of equipment 26,250 d. Accounts payable 44,400 e. Other operating expenses 106,800 f. Accumulated depreciation—Equipment 72,000 g. Gain from settlement of lawsuit 44,400 h. Accumulated depreciation—Buildings 175,300 i. Loss from operating a discontinued segment (pretax) 18,650 j. Gain on insurance recovery of tornado damage 29,520 k. Net sales 1,002,500 l. Depreciation expense—Buildings 52,400 m. Correction of overstatement of prior year’s sales (pretax) 16,400 n. Gain on sale of discontinued segment’s assets (pretax) 36,000 o. Loss from settlement of lawsuit 24,150 p. Income tax expense ? q. Cost of goods sold 486,500…
Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Assume that the company’s income tax rate is 40% for all items. Debit Credit a. Interest revenue $ 14,400 b. Depreciation expense—Equipment $ 34,400 c. Loss on sale of equipment 26,250 d. Accounts payable 44,400 e. Other operating expenses 106,800 f. Accumulated depreciation—Equipment 72,000 g. Gain from settlement of lawsuit 44,400 h. Accumulated depreciation—Buildings 175,300 i. Loss from operating a discontinued segment (pretax) 18,650 j. Gain on insurance recovery of tornado damage 29,520 k. Net sales 1,002,500 l. Depreciation expense—Buildings 52,400 m. Correction of overstatement of prior year’s sales (pretax) 16,400 n. Gain on sale of discontinued segment’s assets (pretax) 36,000 o. Loss from settlement of lawsuit 24,150 p. Income tax expense ? q. Cost of goods sold 486,500…
Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Assume that the company’s income tax rate is 30% for all items. Debit Credit a. Interest revenue $ 14,600 b. Depreciation expense—Equipment $ 34,600 c. Loss on sale of equipment 26,450 d. Accounts payable 44,600 e. Other operating expenses 107,000 f. Accumulated depreciation—Equipment 72,200 g. Gain from settlement of lawsuit 44,600 h. Accumulated depreciation—Buildings 175,700 i. Loss from operating a discontinued segment (pretax) 18,850 j. Gain on insurance recovery of tornado damage 29,720 k. Net sales 1,004,500 l. Depreciation expense—Buildings 52,600 m. Correction of overstatement of prior year’s sales (pretax) 16,600 n. Gain on sale of discontinued segment’s assets (pretax) 37,000 o. Loss from settlement of lawsuit 24,350 p. Income tax expense ? q. Cost of goods sold 488,500…
What is the payable deferral period on these general accounting question?
The Income Statement columns of the August 31 (year-end) work sheet for Ralley Company are shown here. To save time and space, the expenses have been grouped together into two categories. INCOME STATEMENT ACCOUNT NAME DEBIT CREDIT Income Summary 32,000.00 31,000.00 Sales 324,000.00 Sales Returns and Allowances 13,310.00 Sales Discounts 7,700.00 Purchases 126,360.00 Purchases Returns and Allowances 1,200.00 Purchases Discounts 1,300.00 Freight In 7,500.00 Selling Expenses 61,560.00 General Expenses 50,884.00 299,314.00 357,500.00 Net Income 58,186.00 357,500.00 357,500.00 From the information given, prepare an income statement for the company. Ralley Company Income Statement For Year Ended August 31, 20-- Revenue from Sales: $fill in the blank 2 $fill in the blank 4 fill in the blank 6 fill in the blank 7 Net Sales $fill in…
The following accounts, in alphabetical order, appear on the trial balance for a company. What is the total for long-term liabilities? Accounts Payable $32,000Deferred Income Taxes $61,000Interest Payable $17,000Current Portion of Long-term Notes $19,000Mortgage $92,000Notes Payable-Short term $11,000Notes Payable-Long term $41,000Salaries Payable $7,000Taxes Payable $23,000Unearned Revenue $15,000 $194,000 $124,000 $213,000 $217,000 $109,000
The following account balances were included in the adjusted trial balance of Jordan Corporation at 31/Dec/2022 Accounts Sales Revenue Cash Land Building Office equipment Depreciation Expense - office equipment Accumulated Depreciation - office equipment Accounts receivable Sales discount Advertising expense Salaries and wages expense Utilities expense Rent revenue Interest expense Cost of goods sold Loss on sale of plant assets Gains on sale electronic division Entertainment expense Sales returns and allowances Jordan's Capital Total Debit 35,000 350,000 250,000 5000 40,000 20,000 30,000 75,000 10,000 10,000 500,000 7000 13000 30,000 1,375,000 Credit 1,250,000 5000 12,000 8000 100,000 1,375,000 Required: Prepare a classified income statement for Twain Corporation for the ended year 2021. There are 1,000,000 outstanding ordinary shares.
Paris Company's trial balance of profit or loss accounts for the year ended December 31, 2021 included the following: DEBIT CREDIT Sales P2,500,000 Cost of Sales P1,600,000 Administrative Expenses 150,000 Loss on Sale of Equipment 90,000 Salesmen's Commission 100,000 Interest Revenue 50,000 Freight-out 30,000 Loss on Condemnation of Asset 100,000 Bad Debts Expense 30,000 P2,100,000 P2,550,000 Other Information: Finished goods inventory, Jan, 1 - P1,000,000; Finished Goods Inventory, Dec. 31 - P900,000 What was Paris Company's profit before tax?

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS