Homework Help is Here – Start Your Trial Now!
Business
Accounting
Answer the following: 1. How much is the net purchases? 2. How much is the "change in inventory" in 20x1? 3. How much is the cost of goods sold? 4. How much is the total selling expense? 5. How much is the total general and administrative expense?

Answer the following: 1. How much is the net purchases? 2. How much is the "change in inventory" in 20x1? 3. How much is the cost of goods sold? 4. How much is the total selling expense? 5. How much is the total general and administrative expense?

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter1: Accounting And The Financial Statements
Section: Chapter Questions
Problem 45E
See similar textbooks
icon
Related questions
Question
100%
Answer the following: 1. How much is the net purchases? 2. How much is the "change in inventory" in 20x1? 3. How much is the cost of goods sold? 4. How much is the total selling expense? 5. How much is the total general and administrative expense?
Problem #1 Use the following information for the next five questions: The nominal accounts of Rommel SP Corp. on December 31, 20x1 have the following balances: Accounts Sales Interest Income Gains Inventory, beg Purchases Freight-in Purchase returns Purchase discounts Freight-out Sales commission Advertising expense Salaries expense Rent expense Depreciation expense Utilities expense Supplies expense HILIPPINE Transportation and travel expense Insurance expense Taxes and licenses Interest expense Miscellaneous expense Loss on sale of equipment Dr. 65,000 180,000 CH TH CH 20,000 CTER 30,000 45,000 25,000 240,000 30,000 50,000 25,000 15,000 15,000 10,000 60,000 5,000 Cr. 739,000 45,000 15,000 STIAN 3,000 5,000 5,000 9,000 ERVICE Additional information: a. Ending inventory is 90,000. b. One-fourth of the salaries, rent, and depreciation expenses pertain to the non-sales departm department does not share in the other expenses.
Transcribed Image Text:Problem #1 Use the following information for the next five questions: The nominal accounts of Rommel SP Corp. on December 31, 20x1 have the following balances: Accounts Sales Interest Income Gains Inventory, beg Purchases Freight-in Purchase returns Purchase discounts Freight-out Sales commission Advertising expense Salaries expense Rent expense Depreciation expense Utilities expense Supplies expense HILIPPINE Transportation and travel expense Insurance expense Taxes and licenses Interest expense Miscellaneous expense Loss on sale of equipment Dr. 65,000 180,000 CH TH CH 20,000 CTER 30,000 45,000 25,000 240,000 30,000 50,000 25,000 15,000 15,000 10,000 60,000 5,000 Cr. 739,000 45,000 15,000 STIAN 3,000 5,000 5,000 9,000 ERVICE Additional information: a. Ending inventory is 90,000. b. One-fourth of the salaries, rent, and depreciation expenses pertain to the non-sales departm department does not share in the other expenses.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Ratio Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
Finance
ISBN:
9781285595047
Author:
Weil
Publisher:
Cengage
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS