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Problem 18-3A Schedule of cost of goods manufactured and income statement; inventory analysis LO P2, A1 (The following information applies to the questions displayed below. The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company S 683,300 239,800 Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Inventories Raw materials, December 31, 2018 Raw materials., December 31, 2019 Work in process, December 31, 2018 Work in process, December 31, 2019 Finished goods, December 31, 2018 Finished goods, December 31, 2019 $ 29,500 Direct labor 11.400 Income taxes expense 10,100 Indirect labor 30,300 Miscellaneous production costs 127,400 Office salaries expense 7700 Raw materials purchases 31.000 Rent expense-Office space 57,300 9,600 62,000 972,000 23,000 25.600 76,700 Rent expense--Selling space 164,200 Rent expense-Factory building 177,000 Maintenance expense-Factory equipment 19.700 Sales 36,400 4,465,600 395.300 21,400 Sales salaries expense 168,900 143,900 2. Prepare the company's 2019 income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses. LEONE COMPANY Income Statement For Year Ended December 31, 2019 Cost of goods sold Goods available for sale Cost of goods sold Operating expenses Selling expenses Total selling expenses General and administrative expenses Total general and administrative expenses Total operating expenses Income before taxes Not income

Problem 18-3A Schedule of cost of goods manufactured and income statement; inventory analysis LO P2, A1 (The following information applies to the questions displayed below. The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company S 683,300 239,800 Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Inventories Raw materials, December 31, 2018 Raw materials., December 31, 2019 Work in process, December 31, 2018 Work in process, December 31, 2019 Finished goods, December 31, 2018 Finished goods, December 31, 2019 $ 29,500 Direct labor 11.400 Income taxes expense 10,100 Indirect labor 30,300 Miscellaneous production costs 127,400 Office salaries expense 7700 Raw materials purchases 31.000 Rent expense-Office space 57,300 9,600 62,000 972,000 23,000 25.600 76,700 Rent expense--Selling space 164,200 Rent expense-Factory building 177,000 Maintenance expense-Factory equipment 19.700 Sales 36,400 4,465,600 395.300 21,400 Sales salaries expense 168,900 143,900 2. Prepare the company's 2019 income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses. LEONE COMPANY Income Statement For Year Ended December 31, 2019 Cost of goods sold Goods available for sale Cost of goods sold Operating expenses Selling expenses Total selling expenses General and administrative expenses Total general and administrative expenses Total operating expenses Income before taxes Not income

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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Problem 18-3A Schedule of cost of goods manufactured and income statement; inventory analysis LO P2, A1 (The following information applies to the questions displayed belov. The following calendar year-end information is taken from the December 31, 2019, adiusted trial balance and other records of Leone Company. $ 683,300 Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Inventories $ 29,500 Direct labor 11,400 Income taxes expense 10,100 Indirect labor 30,300 Miscellaneous production costs 127,400 Office salaries expense 239,800 57.300 9,600 62,000 7,700 Raw materials purchases 31,000 Rent expense-Office space 972,000 23,000 25,600 Raw materials, December 31, 2018 Rent expense-Selling space 76,700 164,200 Rent expense-Factory building 177,000 Maintenance expense-Factory equipment 19.700 Sales 21,400 Sales salaries expense 168,900 Raw materials, December 31, 2019 36,400 Work in process, December 31, 2018 Work in process, December 31, 2019 Finished goods, December 31, 2018 Finished goods, December 31, 2019 4,465.600 395,300 143,900 2. Prepare the company's 2019 income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses. LEONE COMPANY Income Statement For Year Ended December 31, 2019 Cost of goods sold Goods available for sale Cost of goods sold Operating expenses Selling expenses Total selling expenses General and administrative expenses Total general and administrative expenses Total operating expenses Income before taxes Net income 0.
Transcribed Image Text:Problem 18-3A Schedule of cost of goods manufactured and income statement; inventory analysis LO P2, A1 (The following information applies to the questions displayed belov. The following calendar year-end information is taken from the December 31, 2019, adiusted trial balance and other records of Leone Company. $ 683,300 Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Inventories $ 29,500 Direct labor 11,400 Income taxes expense 10,100 Indirect labor 30,300 Miscellaneous production costs 127,400 Office salaries expense 239,800 57.300 9,600 62,000 7,700 Raw materials purchases 31,000 Rent expense-Office space 972,000 23,000 25,600 Raw materials, December 31, 2018 Rent expense-Selling space 76,700 164,200 Rent expense-Factory building 177,000 Maintenance expense-Factory equipment 19.700 Sales 21,400 Sales salaries expense 168,900 Raw materials, December 31, 2019 36,400 Work in process, December 31, 2018 Work in process, December 31, 2019 Finished goods, December 31, 2018 Finished goods, December 31, 2019 4,465.600 395,300 143,900 2. Prepare the company's 2019 income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses. LEONE COMPANY Income Statement For Year Ended December 31, 2019 Cost of goods sold Goods available for sale Cost of goods sold Operating expenses Selling expenses Total selling expenses General and administrative expenses Total general and administrative expenses Total operating expenses Income before taxes Net income 0.
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