I'd really appreciate it if you could help me? Mail-Sarah X U Student Poreducation.comignment for Weeks 1 to 3 iX LLY Home - Life XBank fees ExpenseInsurance ExpenseUtilities ExpenseGain from asset dispositionSales Commisions ExpenseSales RevenueU 2023 AP_AD$56,240$8,000$6,992$1,300$1,000$500$7,000$20,000$100,000XMcGraw-Hill x M Question 2BC Ltd. Has collected the following data and asks you to prepare the Income statement:Cost of Merchandise SoldMachine Depreciation ExpenseIncome Tax ExpenseSavedRequired 1: BC's net income for the year must have been: $Required 2: BC's merchandising gross margin for the year must have been: $

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Description: I'd really appreciate it if you could help me? Mail-Sarah X U Student Poreducation.comignment for Weeks 1 to 3 iX LLY Home - Life XBank fees ExpenseInsurance ExpenseUtilities ExpenseGain from asset dispositionSales Commisions ExpenseSales RevenueU 20

Income statement is a financial statement that records all the income and expenses of the business…

Business

Accounting

BC Ltd. Has collected the following data and asks you to prepare the Income statement: Cost of Merchandise Sold $56,240 Machine Depreciation Expense $8,000 Income Tax Expense $6,992 Bank fees Expense $1,300 Insurance Expense $1,000 Utilities Expense $500 Gain from asset disposition $7,000 Sales Commisions Expense $20,000 Sales Revenue $100,000 Required 1: BC's net income for the year must have been: $ Required 2: BC's merchandising gross margin for the year must have been: $

BC Ltd. Has collected the following data and asks you to prepare the Income statement: Cost of Merchandise Sold $56,240 Machine Depreciation Expense $8,000 Income Tax Expense $6,992 Bank fees Expense $1,300 Insurance Expense $1,000 Utilities Expense $500 Gain from asset disposition $7,000 Sales Commisions Expense $20,000 Sales Revenue $100,000 Required 1: BC's net income for the year must have been: $ Required 2: BC's merchandising gross margin for the year must have been: $

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 44P

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Trial Balance as at June 30, 2022 A/C Name D R C R Cash 1,400,000 Accounts receivable 1,400,000 Allowance for bad debt 100,000 Merchandise Inventory 1,400,000 Store Supplies 400,000 Prepaid Insurance 211,500 Prepaid rent 420,000 Furniture and fixtures 1,000,000 Accumulated depreciation-Furniture and Fixtures 99,000 Motor Truck 1,200,000 Accumulated depreciation - Motor Truck Accounts payable 50,000 Salary payable Interest payable 28,000 Unearned Sales revenue 205,000 Long-term loan 2,500,000 Gregg's, Capital 3,500,000 Gregg's, Withdrawals 125,000 Sales revenue 4,201,900 Sales discount 160,500 Sales returns and allowances 145,400 Cost of goods sold 1,055,000 Salaries expense 808,000 Insurance Expense 211,500 Utilities Expense 325,000 Rent Expense 480,000 Depreciation Expense – Furniture & Fixtures Depreciation Expense – Motor Truck Store Supplies Expense Gain on Disposal of Old Motor Truck 58,000 Bad-Debt Expense Interest Expense 10,741,900 10,741,900 Trial Balance ACCT1002 –…