Income Statement
The accountant for Dolfin Corporation prepared the following income statement. The auditor has asked you to use this statement to provide additional information to Dolfin Corporation on the Final Questions.
Note - If you can, please show/explain how you got the answers. Thank you.
Homework Answers
1).
operating expenses.
selling expenses. 41709
administrative expenses. 35292
operating expenses = 41709+35292 = 77001
2).
gross profit.
gross profit = sales - cost of goods sold
= 320840-218171
= 102669
3). operating income.
operating income = gross profit - operating expenses
= 102669 - 77001
=25668
Mastery Problem: Accounting for Retail Businesses
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The income statement of Dolan Corporation for 2020 included the following items: The following balances have...
The income statement of Dolan Corporation for 2020 included the
following items:
The following balances have been excerpted from Dolan
Corporation's balance sheets:
The cash paid for insurance premiums during 2020 was
Answers:
A.
$22,000.
B.
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C.
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D.
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Please explain how you got the answer. Thank you.
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(B) Prepare a schedule of cost of goods manufactured for October
2017. (Round answers to 0 decimal places, e.g.
125.)
Empire Company is a manufacturer of smart phones. Its controller resigned in October 2017. An inexperienced assistant accountant has prepared the following income statement for the month of October 2017 EMPIRE COMPANY Income Statement For the Month Ended October 31, 2017 Sales revenue 780,000 Less: Operating expenses Raw materials purchases 264,000...
No
handwritings please type the answers
Chapter 1 Financial Accounting and Business Decisions P1-10B. Income Statement, Statement of Stockholders' Equity, and Balance Sheet Prag Corporation LO5 started business on January 1, 2016. The following information was compiled by Prag's accountant on December 31, 2016: Dividends 8,000o Accounts receivable. 6,750 Common stock. .._. .. . 33,000 Required a. You have been asked to assist the accountant for the Prag Corporation in preparing year-end financial statements. Use the above information to prepare...
The income statement of Dolan Corporation for 2020 included the
following items:
The following balances have been excerpted from Dolan
Corporation's balance sheets:
The cash paid for insurance premiums during 2020 was
Answers:
A.
$22,000.
B.
$20,400.
C.
$19,000.
D.
$18,200.
Please explain how you got the answer. Thank you.
There is NO balance sheet or income statement
included in the question. This was all the information that the
question gave me.
We were unable to transcribe this imageWe...
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Empire Company is a manufacturer of smart phones. Its controller resigned in October 2017. An inexperienced assistant accountant has prepared the following income statement for the month of October 2017. Prior to October 2017, the company had been profitable every month. The company's president is concerned about the accuracy of the income statement. As her friend, you have been asked to review the income statement and make necessary corrections. After examining other...
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"I'll never understand this accounting stuff, Blake Dunn yelled, waving the income statement he had just received from his accountant in the morning mail. "Last month, we sold 2,000 stuffed State University mascots and earned $6,565 in operating income. This month, when we sold 3,000 I thought we'd make $9,848. But this income statement shows an operating income of $11,615! How can I ever make plans if I can't predict my income? I'm going to give Janice one last chance...
(A) prepare a correct income statement for october 2017
(B) Prepare a schedule of cost of goods manufactured for October
2017. (Round answers to 0 decimal places, e.g.
125.)
Empire Company is a manufacturer of smart phones. Its controller resigned in October 2017. An inexperienced assistant accountant has prepared the following income statement for the month of October 2017 EMPIRE COMPANY Income Statement For the Month Ended October 31, 2017 Sales revenue 780,000 Less: Operating expenses Raw materials purchases 264,000...
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