Crane Company reports operating expenses in two categories: (1) selling and (2) general and administrative. The...
Crane Company reports operating expenses in two categories: (1)
selling and (2) general and administrative. The adjusted trial
balance at December 31, 2020, included the following expense
accounts:
| Accounting and legal fees | $418000 |
| Advertising | 361000 |
| Freight-out | 225100 |
| Interest | 181100 |
| Loss on sale of long-term investments | 91100 |
| Officers' salaries | 534000 |
| Rent for office space | 546000 |
| Sales salaries and commissions | 404800 |
One-half of the rented premises is occupied by the sales
department.
How much of the expenses listed above should be included in Crane's
general and administrative expenses for 2020?
$1316100.
$1494100.
$1225000.
$1406100.
Homework Answers
answer: $1225000
general and adiministrative costs=accounting and legal fees+officer's salaries+ One-half of the rented premises
accounting and legal fees=$418000
officer's salaries=$534000
One-half of the rented premises =$546000/2=$273000
One-half of the rented premises is occupied by the sales department. it is not an general and administrative expense
general and adiministrative costs=$418000+$534000+$273000=$1225000
Add Answer to:
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1.
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2.
Variable costs per dollar of sales: sales commissions 5%,
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3.
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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.
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$840, and repairs expense $650.
4.
Unit selling...
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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...
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...
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