1-For Cullumber Company, the following information is
available:
Cost of goods sold | $400000 |
Dividend revenue | 15300 |
Income tax expense | 35900 |
Operating expenses | 139500 |
Sales revenue | 607000 |
In Cullumber’s single-step income statement, gross profit
should be reported at $207000. |
should be reported at $222300. |
should be reported at $46900. |
should not be reported. |
2-The following information is available for Swifty Corporation
for 2020:
Disbursements for purchases | $1532000 |
Increase in trade accounts payable | 98000 |
Decrease in merchandise inventory | 39000 |
Cost of goods sold for 2020 was
$1473000. |
$1591000. |
$1395000. |
$1669000. |
3-Coronado Industries paid or collected during 2020 the
following items:
Insurance premiums paid | $29900 |
Interest collected | 69000 |
Salaries paid | 281200 |
The following balances have been excerpted from Coronado's balance
sheets:
December 31, 2020 | December 31, 2019 | |||||
Prepaid insurance | $2420 | $3180 | ||||
Interest receivable | 7100 | 5240 | ||||
Salaries and wages payable | 25000 | 21700 |
Salaries and wages expense on the income statement for 2020
was
$284500. |
$277900. |
$327900. |
$234500. |
1. under single step income statement, gross profit will not be disclosed. only net income will disclose.
so, answer will be: D.
Should not be reported |
2.
Disbursements for purchases | $ 15,32,000 |
Add: Increase in trade accounts payable | $ 98,000 |
Add: Decrease in merchandise inventory | $ 39,000 |
Cost of goods sold | $ 16,69,000 |
Answer is D. $1,669,000
3.
Salaries paid | $ 2,81,200 |
Add: Salaries and wages payable, December 31, 2020 | $ 25,000 |
Less: Salaries and wages payable, December 31, 2019 | $ -21,700 |
Salaries and wages expense | $ 2,84,500 |
Answer is A. $284,500
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