23. Given the following, calculate the general and administrative expense. Expenses and losses: Cost of goods sold Selling expense General and administrative expense $203,371 57,431 X
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- Please prepare a cost by nature/expense by nature income statement for the following points. In particular please explain whether point a) (first point) should be included in the income statement. In point a), Is there sufficient information for write-off expenses to be recorded in the income statement and should write-off of assets be included in the income statement? a) Write off (in minus) of short-term financial assets 9 000b) Other costs by nature 4 000c) Change in inventories of traded goods + 2 000d) Revenue from sale of building 50 000e) Income tax 10%f) Revenue from sale of traded goods 12 000g) Retained profits from previous years 10 000h) Accumulated depreciation of building 49 000i) Historical cost of building 102 0007. Which of the following is classified as general and administrative expenses? a. Salaries of admin personnel b. Salaries of sales agents c. Rent for sales office d. Depreciation of delivery van 8. What is the resulting figure if inventory is deducted from the cost of goods available for sale? a. Gross Profit b. Net Purchases c. Net Sales d. Cost of Goods SoldHow much is the cost of goods sold of the branch to be included in thecombined financial statements? A. 900,000B. 1,500,000C. 1,200,000D. 1,800,000
- 44- Calculate net profit from the following? Net sales OMR 100000, Cost of goods sold OMR 40000, Rent received OMR 20000, Salaries OMR 10000, Insurance OMR 6000 and Depreciation OMR 8000. a. OMR 64000 b. OMR 70000 c. OMR 56000 d. OMR 60000Holdaway's cost of goods sold for the year isa. 257,000 b. 260,500 c. 261,000 d. 269,5009. Which of the following is the correct computation for the cost of goods available for sale? a.Net Sales - Cost of Goods Sold b. Sales - Cost of Goods Sold c. Beginning Inventory + Net Purchases d. Net Purchases - Ending Inventory 10. This refers to the shipping cost necessary to bring inventory purchased from the seller to the premises of the company. a. Freight - In b. Freight - Out c. Delivery Expenses d. Travelling Expenses
- 29 - Which is operating expense?A) 632. General Administrative ExpensesB) 689. Other Extraordinary Expenses and LossesC) 657. Rediscount Interest ExpensesD) 660. Short Term Borrowing ExpensesE) 654. Provision ExpensesWhat amount should be reported as cost of goods sold for the current year? a. 9,950,000 b. 9,550,000 c. 9,250,000 d. 9,150,000What is the net income for the year if the net revenue from by-product is treated as deduction from the cost of goods sold? Group of answer choices d. P118,000 b. P230,000 a. P200,000 c. P218,000
- 1. What is the Gross Profit under Multiple Step Income Statementa. 389816b. 505526c. 446773d. 972299 2. What is the total selling Expenses under multiple step income statement? a. 118295 b. 253021 c. None of the above d. 856589 3. What is Total general & Administrative Expenses under Multiple step income statement? a. 18500 b. 253021 c. None of the above, d. 11859520- What does the debit remainder of the Trade Goods Account show in the perpetual inventory method ? a) cost of available goods B) The debt of the business due to the goods NS) cost of goods sold D) Remaining debt to vendors TO) Sales value of goods soldHow do I find costs of goods sold and operating expenses with the following information? Net Income (Net Loss) 70,000 Sales 890,000 Gross Profit 465,000
