College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Textbook Question
Chapter 12, Problem 4E
The Income Statement columns of the August 31 (year-end) work sheet for Ralley Company are shown here. From the information given, prepare an income statement for the company. To save time and space, the expenses have been grouped together into two categories.
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The following expenses were incurred by a merchandising business during the year. In which expense section of the income statement should each be reported: (a) selling,(b) administrative, or (c) other?1. Advertising expense2. Depreciation expense on store equipment3. Insurance expense on office equipment4. Interest expense on notes payable5. Rent expense on office building6. Salaries of office personnel7. Salary of sales manager8. Sales supplies used
All of the following is a period cost EXCEPT:
a.
Salary of an accountant.
b.
Cost of a training session attended by the company's controller.
c.
Insurance on a company administration building.
d.
Monthly depreciation of assembly line equipment.
Presented below are Carla Vista Company's monthly manufacturing cost data related to its personal computer products. (Assume that
all raw materials used were direct materials.)
(a)
(b)
(c)
(d) Wages for assembly line workers
(a)
(b)
Taxes on factory building
Raw materials transferred to production
Depreciation on manufacturing equip.
(c)
(d)
Enter each cost item in the following table, placing an "X" under the appropriate headings.
Direct Materials
$967,600
X
77,880
247,800
401,200
Product Costs
Direct Labor
X
Manufacturing Overhead
X
X
Chapter 12 Solutions
College Accounting (Book Only): A Career Approach
Ch. 12 - What is the term used for the profit on a sale...Ch. 12 - Which of the following is not an example of a...Ch. 12 - Prob. 3QYCh. 12 - What is the third entry of the closing procedure...Ch. 12 - What general journal entry is used to undo a...Ch. 12 - Prob. 1DQCh. 12 - What is the difference between the cost of goods...Ch. 12 - Prob. 3DQCh. 12 - Prob. 4DQCh. 12 - Prob. 5DQ
Ch. 12 - Explain the calculation of net sales and net...Ch. 12 - Prob. 7DQCh. 12 - What are the rules for recognizing whether an...Ch. 12 - Prob. 9DQCh. 12 - Calculate the missing items in the following:Ch. 12 - Using the following information, prepare the Cost...Ch. 12 - Prob. 3ECh. 12 - The Income Statement columns of the August 31...Ch. 12 - Prob. 5ECh. 12 - Prob. 6ECh. 12 - From the following T accounts, journalize the...Ch. 12 - From the following information, journalize the...Ch. 12 - A partial work sheet for The Fan Shop is presented...Ch. 12 - Prob. 2PACh. 12 - The following partial work sheet covers the...Ch. 12 - The following accounts appear in the ledger of...Ch. 12 - A partial work sheet for McKnight Music Store is...Ch. 12 - Here is the partial work sheet for Meyer Mountain...Ch. 12 - The following partial work sheet covers the...Ch. 12 - The following accounts appear in the ledger of...Ch. 12 - Costco is the largest chain of membership...Ch. 12 - A music store sells new instruments. The store...Ch. 12 - You are an owner/bookkeeper in a country whose...Ch. 12 - Prob. 4ACh. 12 - Prob. 5ACh. 12 - Prob. 1CP
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