Sales salaries and commissions 35000 - Advertising expenses 5000 Freight and transportation-out 7500 - Travel and entertainment 1800 - Depreciation of sales equipment 1000 - Telephone and telegraph 500 Administrative expenses - Office salaries 17500 - Legal and professional services 250 - Utilities expenses 120 - Insurance expenses 130 - Depreciation of building 2500

Sales salaries and commissions 35000 - Advertising expenses 5000 Freight and transportation-out 7500 - Travel and entertainment 1800 - Depreciation of sales equipment 1000 - Telephone and telegraph 500 Administrative expenses - Office salaries 17500 - Legal and professional services 250 - Utilities expenses 120 - Insurance expenses 130 - Depreciation of building 2500

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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office supplies expenses 300 trucks 750000gas and oil expenses 15000 accounts payable 10000 cash 53500 dep expenses furniture 700 mortgage payable 250000 repair 8000 prepaid 4750 office supplies unused 500 furniture and equipment 8500 fares earnd 145000 utility expenses 4000 accumulated dep trucks 72000 accumulated dep furniture 2400 rent expensive 12000 banzon capital 436000 dep expense trucks 15000 salary expenses 25000 interest 7000 insurance 1250 insurance expenses banzon drawing 15000 salaries payable 4500 how can you put this in statement od performance statement of equity and statement of financial position
Sales = $1,000; Cost of Goods Sold = $500; Depreciation Expense = $100; Administrative Expenses = $100; Interest Expense = $20; Marketing Expenses = $80; and Taxes = $100. The Co's net income is equal to A) $100. B) $150. C) $220. D) $200.
A 92. Subject:- accounting
Why are the following items listed as a DR? Aren't they CR accounts? Exp;enses are CR accounts aren't they since they reduce assets? Income Statement Sales and Labor Revenue $1,592,430Cost of Goods $762,200Gross Profit $ 830,230 Operating Expenses:Salary Expense $337,425Depreciation Expense $44,500 Tax Expense $30,200Insurance Expense $22,000Office Expense $3,050Miscellaneous Expense $9,730Total Expenses $446,905 $383,325
Dec 31, 2019 SERVICE REVENUE Sales revenue, net Cost of goods sold $ 281,000 120,000 161,000 Gross profit OPERATING EXPENSES Selling expenses Wages expense - seling Fuel expense- selling Depreciation expense - selling Total selling expenses General and administrative expenses 15,000 20,000 45,000 80,000 Rent expense - administrative Office supplies expense - administrative 12,000 15,000 Total general and administrative expenses Total operating expenses Total incorme froDm operations 27,000 107,000 54,000 OTHER EXPENSES Interest expense 2,000 52,000 13,000 %24 Total income before tax Income tax expense Net incorne 39,000 Eamings Per Share (EPS) 0.65 What is Carson's Bakery gross profit margin? O 13.87% O 38.87% 33.54% O 57.29%
Make the single step statement of the following. Sales 417,500 Cost of goods sold 210,000 Salaries expense 38,000 Depreciation expense- building 40,000 Advertising expense 12,300 Office supplies Expense 3,500 Gains on disposal of store Equipment 3,000 Interest expense 1,000
D, E
Cash $ 35,000 Accounts Receivable 65,000 Finished Goods 120,000 Work in Process 58,683 Materials 14,000 Building 580,000 Accum. Deprec.—Building $ 43,500 Factory Equipment 440,000 Accum. Deprec.—Factory Equipment 110,000 Office Equipment 90,000 Accum. Deprec.—Office Equipment 33,750 Accounts Payable 85,000 Notes Payable 100,000 Capital Stock 470,000 Retained Earnings 560,433 Total $1,402,683 $1,402,683 During the month of August, the following transactions took place: a. Purchased raw materials at a cost of $55,000 and general factory supplies at a cost of $18,000 on account. (NOTE: Materials account includes both materials and supplies.) b. Issued raw material to be used in production, costing $45,500, and miscellaneous factory supplies, $13,500. c. Recorded the payroll, the payment to the…
The following information pertains to Guy's Gear Company: Sales $77,000 Expenses: Cost of Goods Sold Depreciation Expense Salaries and Wages Expense $48,500 5,700 11,700 65,900 $11,100 Net Income $ 3,700 7,700 Accounts Receivable Decrease Inventory Increase Salaries and Wages Payable Increase 720
4d
Indirect materials used Depreciation on delivery equipment Dispatcher's salary Property taxes on office building CEO's salary Gas and oil for delivery trucks Delivery service (product) costs $ Period costs $6,940 LA 12,040 5,400 980 12,960 2,320 Drivers' salaries Advertising Delivery equipment repairs Office supplies Determine the total amount of (a) delivery service (product) costs and (b) period costs. Office utilities Repairs on office equipment $17,280 5,080 324 702 1,080 206
Sales 218,000 Gain on sale of equipment $ 6,290 epreciation expense—Office copier $ 530 Office supplies expense 620 Sales discounts 16,700 Insurance expense 1,380 Sales returns and allowances 3,900 TV advertising expense 3,800 Office salaries expense 31,100 Interest revenue 650 Rent expense—Selling space 11,600 Cost of goods sold 91,000 Sales staff wages 23,700 Sales commission expense 13,100 whats the total income profited