Use the following information for the next two (3) questions: Jaybo Co. incurred the following expenses below: Interest expense 12 Cost of inventories sold 300 Insurance expense Advertising expense 50 10 Freight out Freight in Loss on sale of equipment 5 2 1 Legal and other professional fees Rent expense (one half occupied by sales department) Sales commission expense Doubtful accounts expense 6 4 8 What total amount of expense classified as distribution costs or selling expenses? A. 64 С. 26 В. 24 D. 22 What total amount of expense classified as administrative expenses? В. 16 C. 56 A. 64 D. 66 Assuming Jaybo earned sales revenue amounting to P500 during the current year, what is the net income? A. 95 B. 97 С. 200 D. 66.5 7,
Use the following information for the next two (3) questions: Jaybo Co. incurred the following expenses below: Interest expense 12 Cost of inventories sold 300 Insurance expense Advertising expense 50 10 Freight out Freight in Loss on sale of equipment 5 2 1 Legal and other professional fees Rent expense (one half occupied by sales department) Sales commission expense Doubtful accounts expense 6 4 8 What total amount of expense classified as distribution costs or selling expenses? A. 64 С. 26 В. 24 D. 22 What total amount of expense classified as administrative expenses? В. 16 C. 56 A. 64 D. 66 Assuming Jaybo earned sales revenue amounting to P500 during the current year, what is the net income? A. 95 B. 97 С. 200 D. 66.5 7,
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please check if the answers are correct :) and please answer the remaining questions THANK YOU!
Transcribed Image Text:Use the following information for the next two (3) questions:
Jaybo Co. incurred the following expenses below:
Interest expense
12
Cost of inventories sold
300
Insurance expense
50
Advertising expense
Freight out
10
Freight in
Loss on sale of equipment
2
1
Legal and other professional fees
Rent expense (one half occupied by sales department)
Sales commission expense
Doubtful accounts expense
8
What total amount of expense classified as distribution costs or selling expenses?
A. 64
В. 24
C. 26
D. 22
What total amount of expense classified as administrative expenses?
В. 16
C. 56
A. 64
D. 66
Assuming Jaybo earned sales revenue amounting to P500 during the current year, what is the net income?
A. 95
В. 97
C. 200
D. 66.5
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