Homework Answers
| Income Statement | |
| Amount $ | |
| Sales | 975,000 |
| Less: Cost of goods sold | 440,000 |
| (45,000 + 450,000 - 55,000 ) | |
| Gross profit | 535,000 |
| Expenses | |
| Marketing Expenses | 32,000 |
| Salaries Expenses | 100,000 |
| Depreciation | 45,000 |
| Other operating expenses | 45,000 |
| Total Expenses | 222,000 |
| Income before Tax | 313,000 |
| Less: Tax @ 25% | 78,250 |
| Net Income | 234,750 |
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6) Income Statement Preparation ABC Corporation had $975,000 in sales in 2019. They spent $32,000 marketing...
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Appendix 2 PR 5-10B Periodic inventory accounts, multiple-step income statement, closing entries On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as follows: Cash $125,000 Accounts Receivable Dividends $ 275,000 Inventory, July 1, 2048 340,000 Sales 6,590,000 415,000 Purchases Estimated Returns Inventory, 4,100,000 Purchases Returns and Allowances July 1, 2048 32,000 25,000 Purchases Discounts 13,000 Office Supplies 45,000 9,000 Freight In Prepaid Insurance 18,000 Sales Salaries Expense 580,000 Land 300,000 Advertising Expense...
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