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What is the Operating Income?

What is the Operating 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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What is the Operating Income?

 

1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 Unadjusted Trial Balance Adjusting Entries Adjusted Trial Balance Statement of Comprehensive Income Statement of Financial Position Account Title Debit Credt Debit Credt Debit Credt Debit Credt Debit Credt 251,025.00 160.480.00 Cash 237,525.00 13,500.00 251,025.00 Accounts Receivable 178,780.00 18,300.00 160,480.00 Merchandise Inventory 70,950.00 70,950.00 70,950.00 34,727.00 34,727.00 Store Supplies Prepaid Insurance Store Equipment Accumulated Depreciation - Store Equipment NEGATIVE Accounts Payable Notes Payable V. Ablir, Capital V. Ablir, Drawing 48,411.00 70,607.00 22,196.00 22.196.00 13,100.00 10,700.00 2,400.00 2,400.00 98,700.00 25,000.00 123,700.00 123,700.00 17,100.00 5,800.00 22,900.00 22,900.00 45,800.00 45,800.00 45,800.00 30,000.00 394,644.00 30,000.00 30,000.00 394,644.00 394,644.00 13,500.00 13,500.00 13,500.00 Sales 578.750.00 4,800.00 573.950.00 573,950.00 Sales Returns and Allowances 2,487.00 2,487.00 2,487.00 Sales Discount 3,500.00 3,500.00 3,500.00 Purchases 163,200.00 163,200.00 163,200.00 Purchase Returns and Allowances 11,655.00 11,655.00 11,655.00 Purchase Discount 2,856.00 2,856.00 2,856.00 Freight In 8,761.00 8,761.00 8,761.00 Sales Salaries Expense 112,500.00 11,580.00 124,080.00 124,080.00 Other Selling Expense 34,114.00 34,114.00 34,114.00 Utilities Expense 15,000.00 15,000.00 15.000.00 Advertising Expense 22,000.00 22,000.00 22,000.00 Rent Expense 55,100.00 55,100.00 55,100.00 Miscellaneous General Expenses 3,177.00 3,177.00 3,177.00 Depreciation expense - Store equipment 5,800.00 5,800.00 5,800.00 Store Supplies Expense 45,607.00 45,607.00 45,607.00 Insurance Expense 10,700.00 10,700.00 10,700.00 Sales Salaries Payable 11,580.00 11,580.00 11,580.00 Interest Expense 5,420.00 5,420.00 5,420.00 Interest Payable 5,420.00 5,420.00 5,420.00 Doubtful accounts expense 8,939.00 8,939.00 8,939.00 Allowance for doubtful accounts 8,939.00 8,939.00 8,939.00
Transcribed Image Text:1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 Unadjusted Trial Balance Adjusting Entries Adjusted Trial Balance Statement of Comprehensive Income Statement of Financial Position Account Title Debit Credt Debit Credt Debit Credt Debit Credt Debit Credt 251,025.00 160.480.00 Cash 237,525.00 13,500.00 251,025.00 Accounts Receivable 178,780.00 18,300.00 160,480.00 Merchandise Inventory 70,950.00 70,950.00 70,950.00 34,727.00 34,727.00 Store Supplies Prepaid Insurance Store Equipment Accumulated Depreciation - Store Equipment NEGATIVE Accounts Payable Notes Payable V. Ablir, Capital V. Ablir, Drawing 48,411.00 70,607.00 22,196.00 22.196.00 13,100.00 10,700.00 2,400.00 2,400.00 98,700.00 25,000.00 123,700.00 123,700.00 17,100.00 5,800.00 22,900.00 22,900.00 45,800.00 45,800.00 45,800.00 30,000.00 394,644.00 30,000.00 30,000.00 394,644.00 394,644.00 13,500.00 13,500.00 13,500.00 Sales 578.750.00 4,800.00 573.950.00 573,950.00 Sales Returns and Allowances 2,487.00 2,487.00 2,487.00 Sales Discount 3,500.00 3,500.00 3,500.00 Purchases 163,200.00 163,200.00 163,200.00 Purchase Returns and Allowances 11,655.00 11,655.00 11,655.00 Purchase Discount 2,856.00 2,856.00 2,856.00 Freight In 8,761.00 8,761.00 8,761.00 Sales Salaries Expense 112,500.00 11,580.00 124,080.00 124,080.00 Other Selling Expense 34,114.00 34,114.00 34,114.00 Utilities Expense 15,000.00 15,000.00 15.000.00 Advertising Expense 22,000.00 22,000.00 22,000.00 Rent Expense 55,100.00 55,100.00 55,100.00 Miscellaneous General Expenses 3,177.00 3,177.00 3,177.00 Depreciation expense - Store equipment 5,800.00 5,800.00 5,800.00 Store Supplies Expense 45,607.00 45,607.00 45,607.00 Insurance Expense 10,700.00 10,700.00 10,700.00 Sales Salaries Payable 11,580.00 11,580.00 11,580.00 Interest Expense 5,420.00 5,420.00 5,420.00 Interest Payable 5,420.00 5,420.00 5,420.00 Doubtful accounts expense 8,939.00 8,939.00 8,939.00 Allowance for doubtful accounts 8,939.00 8,939.00 8,939.00
E F G GOODWILL Company Statement of Comprehensive Income For the year ended December 31, 2019 Sales 573,950.00 Sales returns and allowances 2,487.00 Sales discount 114,000.00 Net Sales 457,463.00 Cost of goods sold 193,673.00 Gross profit 263,790.00 Operating expense Doubtful accounts expense 8,939.00 Depreciation expense - Store equipment 5,800.00 Rent expense 55,100.00 Advertising Expense 22,000.00 Utilities Expense 15,000.00 Interest Expense 5,420.00 Insurance expense 10,700.00 Miscellaneous General expenses 3,177.00 Store Supplies Expense 45,607.00 Freight-in 8,761.00 Other Selling Expense 34,114.00 Sales Salaries and Commissions #REF! Operating income #REF! Interest expense ЕBIT #REF! Income tax Net Income after tax #REF!
Transcribed Image Text:E F G GOODWILL Company Statement of Comprehensive Income For the year ended December 31, 2019 Sales 573,950.00 Sales returns and allowances 2,487.00 Sales discount 114,000.00 Net Sales 457,463.00 Cost of goods sold 193,673.00 Gross profit 263,790.00 Operating expense Doubtful accounts expense 8,939.00 Depreciation expense - Store equipment 5,800.00 Rent expense 55,100.00 Advertising Expense 22,000.00 Utilities Expense 15,000.00 Interest Expense 5,420.00 Insurance expense 10,700.00 Miscellaneous General expenses 3,177.00 Store Supplies Expense 45,607.00 Freight-in 8,761.00 Other Selling Expense 34,114.00 Sales Salaries and Commissions #REF! Operating income #REF! Interest expense ЕBIT #REF! Income tax Net Income after tax #REF!
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