Question

Check my work 4 0 Part 2 of 2 Required information [The following information applies to the questions displayed below) The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company 34 points skipped Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense.Factory equipment Factory supervision Factory supplies used Factory utilities Inventories How materials, December 31, 2018 Raw materials, December 31, 2019 Work in process, December 31, 2018 Work in process, December 31, 2019 Finished goods, December 31, 2018 Finished goods, December 31, 2019 Boo $ 29,500 Direct labor 10.800 Income taxes expense 9.500 Indirect labor 35,100 Miscellaneous production costs 149,300 office salaries expense 8,000 Raw materials purchases 44,00 Rent expense-office space Rent expense-selling space 150,400 Rent expense-l'actory building 184.000 Maintenance expense-Factory equipment 16.700 Sales 20.00 Sales salaries expense 163.600 140.000 $ 693,400 275,000 56,100 10.00 60,000 972,000 25,000 29,000 Dein References 38,300 4,556,000 398.500 2. Prepare the company's 2019 income statement that reports separate categories for a selling expenses and (bl general and administrative expenses

Answer 1

Leone Company Income statement For the Year Ended December 31,2019 Sales Cost of goods sold Cost of goods manufactured $ 2,046,800 Finished goods inventory, December 31, 2018 $ 163,600 $ 4,556,000 $ 2,210,400 $ 140,800 $2,069,600 $ 2,486,400 Goods available for sale Less : Finished goods inventory, December 31, 2019 Cost of goods sold Gross profit Operating Expenses Selling Expense Depreciation Expense-Seling Equipment Rent Expense-Selling space Sales salaries expense Advertising Expense $ 9,500 $ 29,000 $ 398,500 $ 29,500 $ 466,500 Total Selling Expense General and administrative expense Depreciation Expense-office Equipment Office salaries expense Rent Expense-office space $ $ $ 10,800 60,000 25,000 Total General and administrative expense Total Operating Expense Income before taxes Income tax expense Net Income $ 95,800 $ 562,300 $ 1,924,100 $ 275,800 $1,648,300 Note : Do Comment for any issues Note : Some numbers are blur please double check while entering, thank you Working Note: Leone Company Schedule of cost of goods manufactured For Year Ended December 31, 2019 Direct Materials Raw materials inventory December 31, 2018 $ 150,400 Raw Materials Purchases $ 972,000 $ 1,122,400 $ 184,000 $ 938,400 $ 693,400 Raw materials available for use Less : Raw materials inventory, December 31 2019 Direct materials used Direct Labour Factory overhead Factory supplies used Factory utilities Indirect Labour Factory supervision Depreciation Expense - Factory Equipment Rent Expense - Factory Building Miscellaneous production Costs Maintenance Expenses - Factory Equipment $ 8,800 $ 44,000 $ 56,100 $ 149,300 $ 35, 100 $ 76,300 $ 10,400 $ 38,300 Total Factory overhead costs Total Manufacturing costs Add : Work in process inventory December 31, 2018 Total cost of work in process Less : Work in process inventory, December 31, 2019 Cost of goods manufactured $ 418,300 $ 2,050,100 $ 16,700 $ 2,066,800 $ 20,000 $ 2,046,800