Question

2 10 points 8 02:00:44 The following income statement was prepared by an office clerk hired for July. As the accounting super
0 0
Add a comment Improve this question Transcribed image text
Answer #1

Refer the image, it is assumed that salaries payable relates to July month, so expensed in the Income statement, if they are not related to July then it should not be expensed, then you will get profit of $124,890.

Amount ($) 563, 640 Demo Sales Income statement for month Ended July 31, 2020 Particulars Incomes Revenue from operation Loth

Add a comment
Know the answer?
Add Answer to:
2 10 points 8 02:00:44 The following income statement was prepared by an office clerk hired...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in...

    Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 20Y7: Cash $109,100 Retained Earnings $480,800 Accounts Receivable 290,900 Dividends 65,300 Inventory 331,600 Sales 3,995,800 Estimated Returns Inventory 5,000 Cost of Goods Sold 2,311,300 Office Supplies 10,300 Sales Salaries Expense 649,900 Prepaid Insurance 8,000 Advertising Expense 178,700 Office Equipment 240,100 Depreciation Expense—    Store Equipment 34,800 Accumulated Depreciation—    Office Equipment 163,100 Miscellaneous Selling...

  • Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in...

    Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 20Y7: Cash $125,300 Retained Earnings $552,500 Accounts Receivable 334,200 Dividends 75,100 Inventory 381,000 Sales 4,591,100 Estimated Returns Inventory 5,000 Cost of Goods Sold 2,655,600 Office Supplies 11,800 Sales Salaries Expense 746,800 Prepaid Insurance 9,100 Advertising Expense 205,400 Office Equipment 275,800 Depreciation Expense—    Store Equipment 40,000 Accumulated Depreciation—    Office Equipment 187,500 Miscellaneous Selling...

  • The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses...

    The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense—Store Equipment, Sales Salaries Expense, Rent Expense—Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Debit Credit Cash $ 22,050 Merchandise inventory 15,000 Store supplies 5,300 Prepaid insurance 2,700 Store equipment 42,600 Accumulated depreciation—Store equipment $...

  • Crane Company Income Statement

    The adjusted trial balance for Crane Company is shown below.CRANE COMPANYTrial BalanceAugust 31, 2020BeforeAdjustmentAfterAdjustmentDr.Cr.Dr.Cr.Cash$10,400$10,400Accounts Receivable8,8009,600Supplies2,300700Prepaid Insurance3,9002,600Equipment12,30012,300Accumulated Depreciation-Equipment$ 3,500$ 4,300Accounts Payable5,8005,800Salaries and Wages Payable01,200Unearned Rent Revenue1,400800Owner’s Capital14,30014,300Service Revenue34,20035,000Rent Revenue10,80011,400Salaries and Wages Expense17,10018,300Supplies Expense01,600Rent Expense15,20015,200Insurance Expense01,300Depreciation Expense0800$70,000$70,000$72,800$72,800(a)Prepare the income statement for the year.

  • Multiple-Step Income Statement and Report Form of Balance Sheet The following selected accounts and their current...

    Multiple-Step Income Statement and Report Form of Balance Sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2018 Cash Accounts Receivable Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation-Office Equipment 58,000 Miscellaneous Selling Expense Store Equipment Accumulated Depreciation-Store Equipment 87,500 Rent Expense Accounts Payable Customers Refunds Payable $92,000 Retained Earnings 450,000 Dividends 370,000 Sales $381,000 300,000 8,925,000 5,000 Cost of Goods Sold...

  • Appendix 2 PR 5-10B Periodic inventory accounts, multiple-step income statement, closing entries On June 30, 2019,...

    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...

  • The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses...

    The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense-Store Equipment, Sales Salaries Expense, Rent Expense-Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Credit Debit $ 13,500 14,000 5,900 2,200 42,800 $ 17,000 13,000 3,000 31,000 2,000 115,850 Cash Merchandise inventory Store supplies Prepaid...

  • Multiple-Step Income Statement and Report Form of Balance Sheet The following selected accounts and their current...

    Multiple-Step Income Statement and Report Form of Balance Sheet The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2018: Cash $114,700 Retained Earnings 505,500 Accounts Receivable 305,800 Dividends 68,700 Inventory 348,600 Sales $4,200,600 Estimated Returns Inventory 22,500 Cost of Goods Sold 2,429,700 Office Supplies 10,800 Sales Salaries Expense 683,300 Prepaid Insurance 8,400 Advertising Expense 187,900 Office Equipment 252,400 Depreciation Expense—    Store Equipment 36,600 Accumulated Depreciation—    Office Equipment...

  • Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in t...

    Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2017: Cash $118,000 Retained Earnings $520,000 70,600 Accounts Receivable Dividends 320,200 358,600 4,321,100 Inventory Estimated Returns Inventory Office Supplies 2,499,400 5,000 11,100 Sales Cost of Goods Sold Sales Salaries Expense Advertising Expense Depreciation Expense- Store Equipment 702,900 193,300 Prepaid Insurance 8,600 Office Equipment 259,600 37,700 Miscellaneous Selling Expense 16,500 176,400 Accumulated Depreciation-...

  • Required information The following information applies to the questions displayed below The following unad usted trial...

    Required information The following information applies to the questions displayed below The following unad usted trial balance is prepared at fiscal year-end'or Nelson Company Ne son company uses a perpetual Inventory system. It categorizes the following accounts as selling expenses Depreciation Expense-Store Equipment Sales Salaries Expense, Rent Expense-seng Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative NELSON COMPANY Unadjusted Trial Balance January 31 Debit Credit Cash $ 17,050 Merchandise inventory 12,500 Store...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT