ZuoTi.Pro
Question
Excercise 2-5,2-6,2-7
8. Bonds payable, due in ten years 9. Machinery Exercise 2-6 Selling Expenses and General and Administrative Expenses LOS Operating expenses are subdivided between selling expenses and general and administrative EXAN expenses when a multiple-step income statement is prepared. Identify each of the following items as a selling expense (S) or general and administrative expense (G&A). 1. Advertising expense 2. Depreciation expense-store fumiture and fixtures 3. Office rent expense 4. Office salaries expense 5. Store rent expense 6. Store salaries expense 7. Insurance expense 8. Supplies expense 9. Utilities expense Exercise 2-7 Missing Income Statement Amounts For cach of the following cases, fill in the blank with the appropriate dollar amount LO5 EXAM Saras Coffee Shop Amys Deli Janes Bagels Sho me how Net sales Cost of goods sold Gross proft Selling expenses General and administrative expenses Total oporating expenses S 35,000 S 78,000 45,000 18,000 7,000 3,000 1,500 9,000 2.800 8,800 $ 9,200 13,600 s 25,400 Net income $ 2,500 Exercise 2-8 Income Statement Ratio The income statement of Holly Enterprises shows operating revenues of $134,800, selling EXAMPL LO6 expenses of $38,310, general and administrative expenses of $36,990, interest expense of $580, and income tax expense of $13,920. Hollys stockholders equity was $280,000 at the beginning of the year and $320,000 at the end of the year. The company has 20,000 shares of stock out standing at the end of the year Show me ow Required Compute Hollys profit margin. What other information would you need in order to comment on whether this ratio is favorable? LOZ Exercise 2-9 Statement of Retained Earnings EXAMPLE on Corporation was organized on January 2, 2015, with the investment of $100,000 by two stockholders. Net income for its first year of business was $85,200. Net income divi each of its increased during 2016 to $125,320 and to $145,480 during 2017. Landon paid $20,000 in dends to each of the two stockholders in cach of the three years Required Prepare a statement of retained earnings for the year ended December 31, 2017
media%2Fd2a%2Fd2a71a95-adb3-4b0e-84be-ab
made for two or more are willing to learn to made between or 1. Inventory 2. Accounts payable 3. Cash Patents Notes payable, due in six months 6. Taxes payable 7. Prepaid rent (for the next nine months) 8. Bonds payable, due in ten years 9. Machinery ter Bikes. On average ny e bikes for Exercise 2-6 Selling Expenses and General and Administrative Expe Operating expenses are subdivided between selling expenses and general and admi expenses when a multiple-step income statement is prepared. Identify each of the followir as a selling expense (S) or general and administrative expense (G&A). g cycle? the maximum 1.Advertising expense 2. Depreciation expense-store furniture and fixtures 3. Office rent expense 4. Office salaries expense 5. Store rent expense 6 Store salaries expense bikes, would normaly
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

2,5 CA CL CA NCA CL CL CA NCL NCA 1 inventory 2 accounts payable 3 cash 4 5 notes payable, due in six months 6 taxes payable 7 prepaid rent (for the next six months) patents 8 bonds payable, due in ten years 9 machinery2,6 1 advertising expense 2 depreciation expense-store furniture and fixtures office rent expense 4 office salaries expense G&A G&A G&A 3 4 5 store rent expense 6 store salaries expense 7insurance expense G&A G&A G&A 8 supplies expense 9 utilites expenseB2 saras amys janes bagels 2,7 coffee dell 2 shop $35,000 $63,000 $78,000 $28,000 45,000 $39,000 $ 7,000 $18,000 $39,000 3,000 $ 6,000 9,000 general & administrative expenses $ 1,500 $ 2,800 4,600 $ 4,500 8,800 $13,600 2,500 9,200 $25,400 net sales Cogs gross profit selling expenses 4 7 total operating expenses net income 10

for formulas and calculations, refer to the next image -

B2 2,7 saras coffee shop amys dell janes bagels net sales cogs gross profit selling expenses general & administrative expenses1500 total operating expenses net income 35000 E5+E4 78000 45000 18000 F3-F5 D3-D5 7000 3000 F9+F8 E8-E7 9000 2800 8800 9200 F8-F6 13600 25400 7 D6+D7 2500 10

0 0
Add a comment
Know the answer?
Add Answer to:
Excercise 2-5,2-6,2-7 8. Bonds payable, due in ten years 9. Machinery Exercise 2-6 Selling Expenses and...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense-Store Equipment, Sales Salaries...

    perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense-Store Equipment, Sales Salaries Expense, Rent Expense-Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Credit $ Debit 1,000 12,500 5,800 2,400 42,900 $ 15,250 10,000 5,000 27,000 2,200 111,950 Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation-store equipment Accounts payable Common stock Retained earnings Dividends Sales Sales discounts Sales...

  • 2. Prepare the company's 2019 income statement that reports separate categories for (a) selling expenses and...

    2. Prepare the company's 2019 income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses. LEONE COMPANY Income Statement For Year Ended December 31, 2019 Cost of goods sold Goods available for sale Cost of goods sold Operating expenses Selling expenses Total selling expenses ses General and administrative expenses Total general and administrative expenses Total operating expenses Income before taxes Net income Required information [The following information applies to the questions displayed below.] The...

  • Exercise 9-12 Kirkland Company combines its operating expenses for budget purposes in a selling and administrative...

    Exercise 9-12 Kirkland Company combines its operating expenses for budget purposes in a selling and administrative expense budget. For the first 6 months of 2020, the following data are available. 1. Sales: 20,600 units quarter 1; 22,100 units quarter 2. 2. Variable costs per dollar of sales: sales commissions 5%, delivery expense 2%, and advertising 3%. 3. Fixed costs per quarter: sales salaries $10,000, office salaries $6,130, depreciation $4,760, insurance $2,010, utilities $820, and repairs expense $610. 4. Unit selling...

  • Required information (The following information applies to the questions displayed below.) The following unadjusted trial balance...

    Required information (The following information applies to the questions displayed below.) The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense-Store Equipment, Sales Salaries Expense, Rent Expense-Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Credit Debit $ 22,150 12,500 5,500 2,600 42,600 $ 17,050...

  • Exercise 9-12 Kirkland Company combines its operating expenses for budget purposes in a selling and administrative...

    Exercise 9-12 Kirkland Company combines its operating expenses for budget purposes in a selling and administrative expense budget. For the first 6 months of 2020, the following data are available. 1. Sales: 20,200 units quarter 1; 22,200 units quarter 2. 2. Variable costs per dollar of sales: sales commissions 5%, delivery expense 2%, and advertising 3%. 3. Fixed costs per quarter: sales salaries $10,600, office salaries $6,370, depreciation $4,580, insurance $1,630, utilities $840, and repairs expense $650. 4. Unit selling...

  • Need help with where I went wrong on required 2 and help with 3 Rent expense...

    Need help with where I went wrong on required 2 and help with 3 Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system. Additional Information: Store supplies still available at fiscal year-end amount to $2,400. Expired insurance, an administrative expense, for the fiscal year is $1,550. Depreciation expense on store equipment, a selling expense, is $1,550 for the fiscal year. To estimate shrinkage, a physical count...

  • Valley Company s adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the...

    Valley Company s adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: Sales Salaries Expense, Rent Expense-Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. Debit Credit $ 25,000 Merchandise inventory (ending) $ 41,000 Other (noninventory) assets 130,400 Total liabilities Common stock Retained earnings Dividends 8,000 Sales 10,000 94,550 225,600 2,250 12,000 74,500 32,000 8,000 Sales discounts Sales returns and allowances Cost of...

  • Cold Cllmate Unadjusted Trial Balance December 31 Debit Account Credit Cash $95,000 Accounts Receivable 171,000 129,950...

    Cold Cllmate Unadjusted Trial Balance December 31 Debit Account Credit Cash $95,000 Accounts Receivable 171,000 129,950 Inventory Store Supplies Office Supplies Accum Depreciation -Store Fixtures 2,600 2,050 1,300 Accum Depreciation- Office Furniture Accounts Payable Retained Earnings 4,230 83,000 297,670 Sales 943,755 Sales Discounts 9,500 Sales Returns and Allowances 18,500 Cost of Goods Sold 527,215 Rent Expense- Office Rent Expense - Selling Sales Salary Expense 22,900 6,000 191,000 146,000 Office Salary Expense Delivery Expense Depreciation Expense- Store Fixtures Depreciation Expense- Office...

  • Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in...

    Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 20Y7: Cash $109,100 Retained Earnings $480,800 Accounts Receivable 290,900 Dividends 65,300 Inventory 331,600 Sales 3,995,800 Estimated Returns Inventory 5,000 Cost of Goods Sold 2,311,300 Office Supplies 10,300 Sales Salaries Expense 649,900 Prepaid Insurance 8,000 Advertising Expense 178,700 Office Equipment 240,100 Depreciation Expense—    Store Equipment 34,800 Accumulated Depreciation—    Office Equipment 163,100 Miscellaneous Selling...

  • Required: 1. Compute the company’s net sales for the year. 2. Compute the company’s total cost...

    Required: 1. Compute the company’s net sales for the year. 2. Compute the company’s total cost of merchandise purchased for the year. 3. Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. 4. Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses. [The following information applies to the questions displayed below.) Valley Company's adjusted...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT