Identify each of the following items relating to sections of an income statement as Revenue from Sales, Cost of Goods So...
Identify each of the following items relating to sections of an income statement as Revenue from Sales, Cost of Goods Sold, Selling Expenses, General Expenses, Other Income , or Other Expenses.
- Utilities Expense
- Advertising Expense
- Purchases Discounts
- Sales Returns and Allowances
- Interest Income
- Freight In
- Depreciation Expense, Equipment
- Interest Expense
- Rent Expense
- Sales
Homework Answers
| Expense | Type of expense |
| Utilities expense | Other expenses |
| Advertising expense | Other expenses |
| Purchase discounts | Cost of goods sold |
| Sales returns and allowances | Revenue from sales |
| Interest income | Other Income |
| Freight in | Cost of goods sold |
| Depreciation expense, Equipment | General expenses |
| Interest expense | General expenses |
| Rent expense | Other Expenses |
| Sales | Revenue from sales |
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Identify each of the following items relating to sections of an income statement as Revenue from Sales, Cost of Goods So...
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise...
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $58,275 on January 1, 2019, and $51,225 on December 31, 2019. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses. Accounts 401 Sales 451 Sales Returns and Allowances 491 Miscellaneous Income 501 Purchases S02 Freight In 583 Purchases Returns and Allowances 584 Purchases Discounts 611 Salaries Expense-Sales 614 Store...
#8 The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The...
#8
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $57,875 on January 1, 2019, and $50,825 on December 31, 2019. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses Accounts 401 Sales 451 Sales Returns and Allowances 491 Miscellaneous Income 501 Purchases 502 Freight In 503 Purchases Returns and Allowances 504 Purchases Discounts 611 Salaries Expense-Sales 614...
Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on...
Fit-for-Life Foods reports the following income statement
accounts for the year ended December 31.
Gain on sale of equipment Office supplies expense Insurance expense Sales Office salaries expense Rent expense-Selling space Sales staff wages $ 6,240 240 Depreciation expense-Office Uffice copier 750 Sales discounts 1,270 Sales returns and allowances 227,000 TV advertising expense 33, 000 Interest revenue 11, 400 Cost of goods sold 23, 800 Sales commission expense $ 560 15, 700 4,000 3,800 660 91,000 13, 200 Prepare a...
1 A classified Income statement showed net sales of $445,000, cost of goods sold of $190,000,...
1 A classified Income statement showed net sales of $445,000, cost of goods sold of $190,000, and total operating expenses of $167,000 for the fiscal year ended June 30, 2019. 1. What was the gross profit on sales? 2. What was the net income from operations? 1. Gross profit on sales 2. Net income from operations 2 A firm had merchandise Inventory of $39,000 on January 1, 2019. During the year the firm had purchases of $51,000, freight in of...
On December 31, 2019, the Income Statement section of the worksheet for Capeletti Distributors contained the...
On December 31, 2019, the Income Statement section of the worksheet for Capeletti Distributors contained the following information. Income Statement Section Debit Credit Income Summary $ 38,400 $ 41,700 Sales 253,500 Sales Returns and Allowances 3,800 Sales Discounts 2,800 Interest Income 160 Purchases 134,200 Freight In 2,100 Purchases Returns and Allowances 1,900 Purchases Discounts 1,510 Rent Expense 8,400 Utilities Expense 2,910 Telephone Expense 1,520 Salaries Expense 65,900 Payroll Taxes Expense 5,250 Supplies Expense 1,680 Depreciation Expense 2,400 Interest Expense 320...
On December 31, 2019, the Income Statement section of the worksheet for Capeletti Distributors contained the...
On December 31, 2019, the Income Statement section of the worksheet for Capeletti Distributors contained the following information. Income Statement Section Debit Credit Income Summary $ 39,300 $ 42,600 Sales 258,000 Sales Returns and Allowances 4,250 Sales Discounts 3,250 Interest Income 205 Purchases 135,100 Freight In 2,550 Purchases Returns and Allowances 2,350 Purchases Discounts 1,600 Rent Expense 8,850 Utilities Expense 3,000 Telephone Expense 1,610 Salaries Expense 66,800 Payroll Taxes Expense 5,340 Supplies Expense 1,770 Depreciation Expense 2,850 Interest Expense 410...
On December 31, 2019, the Income Statement section of the worksheet for Capeletti Distributors contained the...
On December 31, 2019, the Income Statement section of the worksheet for Capeletti Distributors contained the following information. Income Statement Section Debit Credit Income Summary $ 39,200 $ 42,500 Sales 257,500 Sales Returns and Allowances 4,200 Sales Discounts 3,200 Interest Income 200 Purchases 135,000 Freight In 2,500 ...
The following are selected ledger accounts of Sunland Corporation at December 31, 2020. Cash Inventory Sales...
The following are selected ledger accounts of Sunland Corporation at December 31, 2020. Cash Inventory Sales revenue Unearned sales revenue Purchases Sales discounts Purchase discounts Selling expenses Accounting and legal services Insurance expense (office) Advertising expense Delivery expense Depreciation expense (office equipment) Depreciation expense (sales equipment) $210.900 609,900 4,873,500 133,380 3,176,040 38,760 30,780 78,660 37,620 27,360 61,560 106,020 54.720 41,040 Salaries and wages expense (sales) Salaries and wages expense (office) Purchase returns Sales returns and allowances Freight-in Accounts receivable Sales...
Exercise 4-15 Preparing a multi-step income statement LO P4 Fit-for-Life Foods reports the following income statement...
Exercise 4-15 Preparing a multi-step income statement LO P4 Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. $ Gain on sale of equipment office supplies expense Insurance expense Sales office salaries expense Rent expense-Selling space Sales staff wages $ 6,240 Depreciation expense-office copier 750 sales discounts 1,270 Sales returns and allowances 227.000 TV advertising expense 33.000 Interest revenue 11.400 cost of goods sold 23.800 Sales commission expense 560 15,700 4.000 3.800 91.000 13, 200...
Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on...
Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on sale of equipment Office supplies expense Insurance expense Sales Office salaries expense Rent expense-Selling space Sales staff wages $ 6,260 Depreciation expense-Office copier $ 740 Sales discounts 1,220 Sales returns and allowances 229,000 TV advertising expense 32,200 Interest revenue 10,700 Cost of goods sold 23,400 Sales commission expense 490 16,600 4,100 2,900 710 91,300 12,000 Prepare a multiple-step income statement. FIT-FOR-LIFE FOODS Income Statement...
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $58,275 on January 1, 2019, and $51,225 on December 31, 2019. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses. Accounts 401 Sales 451 Sales Returns and Allowances 491 Miscellaneous Income 501 Purchases S02 Freight In 583 Purchases Returns and Allowances 584 Purchases Discounts 611 Salaries Expense-Sales 614 Store...
#8
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $57,875 on January 1, 2019, and $50,825 on December 31, 2019. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses Accounts 401 Sales 451 Sales Returns and Allowances 491 Miscellaneous Income 501 Purchases 502 Freight In 503 Purchases Returns and Allowances 504 Purchases Discounts 611 Salaries Expense-Sales 614...
Fit-for-Life Foods reports the following income statement
accounts for the year ended December 31.
Gain on sale of equipment Office supplies expense Insurance expense Sales Office salaries expense Rent expense-Selling space Sales staff wages $ 6,240 240 Depreciation expense-Office Uffice copier 750 Sales discounts 1,270 Sales returns and allowances 227,000 TV advertising expense 33, 000 Interest revenue 11, 400 Cost of goods sold 23, 800 Sales commission expense $ 560 15, 700 4,000 3,800 660 91,000 13, 200 Prepare a...
1 A classified Income statement showed net sales of $445,000, cost of goods sold of $190,000, and total operating expenses of $167,000 for the fiscal year ended June 30, 2019. 1. What was the gross profit on sales? 2. What was the net income from operations? 1. Gross profit on sales 2. Net income from operations 2 A firm had merchandise Inventory of $39,000 on January 1, 2019. During the year the firm had purchases of $51,000, freight in of...
The following are selected ledger accounts of Sunland Corporation at December 31, 2020. Cash Inventory Sales revenue Unearned sales revenue Purchases Sales discounts Purchase discounts Selling expenses Accounting and legal services Insurance expense (office) Advertising expense Delivery expense Depreciation expense (office equipment) Depreciation expense (sales equipment) $210.900 609,900 4,873,500 133,380 3,176,040 38,760 30,780 78,660 37,620 27,360 61,560 106,020 54.720 41,040 Salaries and wages expense (sales) Salaries and wages expense (office) Purchase returns Sales returns and allowances Freight-in Accounts receivable Sales...
Exercise 4-15 Preparing a multi-step income statement LO P4 Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. $ Gain on sale of equipment office supplies expense Insurance expense Sales office salaries expense Rent expense-Selling space Sales staff wages $ 6,240 Depreciation expense-office copier 750 sales discounts 1,270 Sales returns and allowances 227.000 TV advertising expense 33.000 Interest revenue 11.400 cost of goods sold 23.800 Sales commission expense 560 15,700 4.000 3.800 91.000 13, 200...
Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on sale of equipment Office supplies expense Insurance expense Sales Office salaries expense Rent expense-Selling space Sales staff wages $ 6,260 Depreciation expense-Office copier $ 740 Sales discounts 1,220 Sales returns and allowances 229,000 TV advertising expense 32,200 Interest revenue 10,700 Cost of goods sold 23,400 Sales commission expense 490 16,600 4,100 2,900 710 91,300 12,000 Prepare a multiple-step income statement. FIT-FOR-LIFE FOODS Income Statement...
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