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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E10.2
Compute for Net Loss/Income, Capital Ending, Current Assets, Non-current Assets, Current Liability, Non-current Liability
27,500 Prepaid rent 4, 000 Inventory 42, 500 Equipment 90, 000 Accumulated depreciation $ 27,000 Accounts payable 30,000 Salaries payable 0 Common stock 100,000 Retained earnings 25,000 Sales revenue 433,000 Cost of goods sold 259, 800 Salaries expense 86, 600 Rent expense 24,000 Depreciation expense 0 Utilities expense 17, 320 Advertising expense 5,770 Totals $ 615,000 $ 615,000 The following year - end adjusting entries are required: Depreciation expense for the year on the equipment is $9,000. Salaries at year - end should be accrued in the amount of $5,600. Required: 1. Prepare and complete a worksheet.Required: Prepare and complete a worksheet. WOLKSTEIN DRUG COMPANY Worksheet December 31, 2024
Direct material used $20,000 Depreciation- plant building $8,000 Indirect material (supplies) $2,500 Depreciation - sales building $6,000 Direct manufactured labor $7,000 Depreciation - plant tools $2.300 Indirect manufactured labor (annually salaries) $3,500 Production 40,000 units The total of "ixed costs" is: Question 3/20o 1.22300, 2 17300. 3.16300. 4.10,300. 5. None of the above
Recognizing $3,500 of actual manufacturing equipment depreciation is an asset __________ transaction.
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.
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
D, E
Problem 4.a: A hydraulic crane service company had sales revenue of $2,250,000 from operations during tax-year 1. The following table provides other financial information relating to the tax year: Labor expenses Materials costs Depreciation expenses Interest expenses Rental expenses Proceeds from sale of old equipment with a book value of $20,000 How much is the taxable income? $550,000 $385,000 $132,500 $22,200 $45,000 $23,000
Data for adjustments: • Annual depreciation: Office equipment - 20% Furniture & Fixtures - 10%
Given the following, how much is total distribution costs? Freight-in: ₱5,000 Freight-out: ₱6,000 Depreciation Expense – Store Equipment: ₱27,723 Depreciation Expense – Office Furniture and Fixtures: ₱19,554 Store Salaries and Wages Expense: ₱122,297 Store Utilities Expense: ₱38,173 Miscellaneous Administrative Expenses: ₱12,412
4d