Homework Answers
| a. | |
| Sales revenue | 340000 |
| (-) Cost of goods sold | 180000 |
| Gross profit | 160000 |
| (-) General and administrative expense | 44000 |
| (-) Selling expense | 27000 |
| (-) Restructuring costs | 52000 |
| Operating income (loss) | 37000 |
| b. | |
| Operating income (loss) | 37000 |
| (+) Interest revenue | 6000 |
| (-) Loss on sale of investments | 30000 |
| Income (loss) before income taxes | 13000 |
| c. | |
| Income (loss) before income taxes | 13000 |
| (-) Income tax expense @ 25% | 3250 |
| Net income (loss) | 9750 |
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The following is a partial year-end adjusted trial balance. Debits Credits $340,000 $ 30,000 6,000 Account...
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The following is a partial year-end adjusted trial balance. Debits Credits $300,000 $ 22,000 4,000 Account Title Sales...
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Please answer both The following is a partial trial balance for General Lighting Corporation as of...
Please answer both
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Check my work The following is a partial trial balance for General Lighting Corporation as of...
Check my work The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Debits 10 points Credits 2,800,000 89,000 Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense 27,000 1,280,000 290,000 390,000 195,000 88,000 eBook Hint Print References There were 200,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been...
American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance...
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Please answer both
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Debits Credits 2,650,000 86,000 Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense points 25,500 1,250,000 260,000 360,000 180,000 85,000 Skipped eBook There were 300,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The income...
Check my work The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Debits 10 points Credits 2,800,000 89,000 Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense 27,000 1,280,000 290,000 390,000 195,000 88,000 eBook Hint Print References There were 200,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been...
American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2021 Debits Credits 98,000 930,000 6,500 points Account Title Retained earnings Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Insurance expense 510,000 170.000 33,000 48,000 6.800 7,800 eBook References Required: Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required"...
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Debits Credits 2,950,000 92,000 points Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense 28,500 1,310,000 320,000 420,000 210,000 91,000 eBook Hint There were 300,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The income tax rate is...
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