Calculate amount of distribution expenses for Parker | ||
Advertising | $1,500,000 | |
Freight out | $750,000 | |
Rent for office space (1800000/2) | $900,000 | |
Sales salaries and commission | $1,400,000 | |
Distribution expense | $4,550,000 | |
Thus, amount of distribution expense is $4,550,000 | ||
Calculate amount of administrative expenses for Grim | ||
Property taxes | $250,000 | |
Doubtful accounts | $1,600,000 | |
Officer's salaries | $1,500,000 | |
Insurance | $850,000 | |
Total administrative expenses | $4,200,000 | |
Thus, amount of administrative expenses is $4,200,000 | ||
Problem 6-8 (AICPA Adapted) Parker Company reported operating expenses as and general or administrative. The adjusted...
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The adjusted trial balance at the end of the current year distribution Problem 6-8 (AICPA Adapted) Parker Company reported operating expenses as and general or administrative. 1.450,000 1.500.000 750,000 600,000 300,000 2,250,000 300,000 1,800,000 1,400,000 included the following expense accounts Accounting and legal fece Advertising Freight out Interest Loss on sale of long-term investment Officers'salaries Property taxes and insurance Rent for office space Sales salaries and commissions One-half of the rented premises is...
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...
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Problem 6-14 (AICPA Adapted) Pearl Company reported income before tax of P5,000,000 for the current year. The entity owned 40% of Cinn's share capital. The auditor questioned the following amounts that had been included in income before tax: Equity in earnings of Cinn Company 1,600,000 Dividend received from Cinn Company 320,000 Adjustment of profit of prior year for arithmetical error in depreciation (1,400,000) What amount should be reported as income before tax for...
Superior Hardwood Company distributes hardwood products to small furniture manufacturers. The adjusted trial balance data given below is from the firm’s worksheet for the year ended December 31, 2019. ACCOUNTS Debit Credit Cash $ 24,100 Petty Cash Fund 500 Notes Receivable, due 2020 11,800 Accounts Receivable 96,000 Allowance for Doubtful Accounts $ 6,000 Merchandise Inventory 234,000 Warehouse Supplies 2,860 Office Supplies 1,420 Prepaid Insurance 10,200 Land 46,000 Building 178,000 Accumulated Depreciation—Building 54,000 Warehouse Equipment 37,000 Accumulated Depreciation—Warehouse Equipment 17,400 Delivery...
Superior Hardwood Company distributes hardwood products to small
furniture manufacturers. The adjusted trial balance data given
below is from the firm’s worksheet for the year ended December 31,
2019.
ACCOUNTS
Debit
Credit
Cash
$
23,700
Petty Cash Fund
400
Notes Receivable, due 2020
11,400
Accounts Receivable
92,000
Allowance for Doubtful Accounts
$
5,600
Merchandise Inventory
230,000
Warehouse Supplies
2,820
Office Supplies
1,380
Prepaid Insurance
9,000
Land
42,000
Building
174,000
Accumulated Depreciation—Building
51,600
Warehouse Equipment
35,000
Accumulated Depreciation—Warehouse Equipment
16,200
Delivery...
Superior Hardwood Company distributes hardwood products to small
furniture manufacturers. The adjusted trial balance data given
below is from the firm’s worksheet for the year ended December 31,
2019.
Required:
Prepare a classified income statement for the year
ended December 31, 2019. The expense accounts represent warehouse
expenses, selling expenses, and general and administrative
expenses.
Prepare a statement of owner’s equity for the year ended
December 31, 2019. No additional investments were made during the
period.
Prepare a classified balance...
Dana Ruapla Kanisha Patel AC 204 Introduction to Accounting CHAPTER 8: MASTER BUDGETING IN-CLASS PRACTICE PROBLEM SALES BUDGET TO MANUFACTURING OVERHEAD BUDGET SCHEDULES 1-10) The following information pertains to the budgeting process for Tulip, Inc. SALES Tulip In Bellone type of decorative basket for $25 per basket. Based on various ses forecasting models Tulpects to sell 11. 000 units in quarter 1, 10,000 in quarter 2. 12.000 in quarter and 9.000 in quarter The beginning accounts recevable balance was $5,000....
CHAPTER 8! MASTER DUDUL IN-CLASS PRACTICE PROBLEM - SALES BUDGET TO MANUFACTURING OVERHEAD BUDGET (SCHEDULES 1-10) The following information pertains to the budgeting process for Tulip, Inc. SALES: Tulip, Inc. sell one type of decorative basket for $25 per basket. Based on various sales forecasting models, Tulip expects to sell 11.000 units in quarter 1. 10,000 in quarter 2, 12,000 in quarter 3 and 9,000 in quarter 4. The beginning accounts receivable balance was $58,000. Assuming all sales are made...
Questions: For Kroger deposits in transit: What is
the account titled Store deposits in-transit (refer to footnote 1)?
This is not an account you will find on the majority of company
financial statements. Why does Kroger include this account? Is it
odd that this account is larger than the cash balance? How do you
explain this?
Information Needed to Answer Questions:
Jan. 28, 2017 Jan. 30, 2016 $322 910 1,649 7,852 (1,291) 898 $ 277 923 1,734 7,440 (1,272) 790 9,892...
8. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales Returns and Allowances c. Sales d. Interest Revenue 9. Using a perpetual inventory system, the entry to record the purchase of $30,000 of merchandise on account would include a a. debit to Sales b. debit to Merchandise Inventory c. credit to Merchandise Inventory d. credit to Sales 10. A retailer purchases merchandise with a catalog list price of $15,000. The retailer receives a 30%...