Insurance expense 18,200 Administrative Salaries expense 16,300 Sales revenue 160,000 Income taxes 30,000 Sales returns and allowances 6,000 Advertising expense 10,200 Sales salaries expense 15,600 Cost of goods sold 29,000             If this information was used to prepare an income statement, Total Administrative Expenses should be:   Select one: a. 25,800 b. 14,100 c. 34,500 d. 23,500 e. 16,300

Q: Sales revenue   $104,000   $enter a dollar amount  Sales returns and allowances   enter a dollar…

A: Sales returns and allowances = Sales revenue - Net sales Gross profit = Net sales - Cost of goods…

Q: 4 Use the following to calculate pretax income (IBT): $ 5,000 Sales revenue 4,000 Cost of goods sold…

A: Pre-tax income: It refers to the income earned by the business before deducting the tax expense.…

Q: If this information was used to prepare an income statement, Income from Operations should be:

A: The earnings generated from the primary business activity of the entity is called as operating…

Q: 3. Prepare a multi-step Statement of Comprehensive Income using the following: • Sales – 20,000 •…

A: Income statement means the statement which show the cost of goods sold and selling price and give…

Q: Please help me prepare an income statement for this: ACCOUNT AMOUNT Revenue 500,000 Cost of Good…

A: Income statement shows the income and expenses of the business and the net figure in the income…

Q: Compute the net profit if, Service Revenue OMR 110,000; Other income OMR12,000; salary Expenses OMR…

A: Theory concept: Net profit: Net profit is a income statement item. In income statement all the items…

Q: 18-The trading results of a Merchandise trader is as follows: Net Sales OMR 100,000, Cost of Goods…

A: Cost of goods manufactured means the cost incurred for manufacturing the finished product. Income…

Q: Prepare a multi-step Statement of Comprehensive Income using the following: • Sales – 20,000 •…

A: The question is based on the concept of Cost Accounting.

Q: Gross sales $ 19,000 $ 15,000 Sales returns and allowances   1,000   100 Net sales $ 18,000 $ 14,900…

A: Given 2020 &2019 Current Assets Current assets:   2020   2019 Cash $ 12,000 $ 9,000…

Q: Make the single step statement of the follOWI Sales 417,500 Cost of goods sold 210,000 Salaries…

A: The income statement is prepared to record the revenues and expenses of the current period.

Q: Financial information is presented below: Operating Expenses $ 90,000 Sales Returns and 26,000…

A: The gross profit margin is calculated as gross profit divided by net sales revenue. Gross profit =…

Q: XYZ company provided the following information: $134,500 15,500 37,000 13,000 27,000 95,000 24,000…

A: Income Statement: It is a statement that helps in recording the expenses and income of the company…

Q: Determine the missing amounts. Hardy Cosmetics Wang Wholesalers Yee Grocery 100,000 ke) Sales…

A: Net Sales = Sales - Sales returns and allowances Gross Profit = Net Sales - Cost of goods sold…

Q: Advertising expense 5,900 Insurance expense 2,050 Rent expense 3,800 Sales discounts 2,750 Gain on…

A: Income Statement   Sales Revenue 74800 Less: Sales discount 2750 Net Sales  72050 Less: Cost…

Q: XYZ company provided the following information: $30,000 Salms Accounts payable Seling expenses 3,000…

A: The gross profit is calculated as difference between sales and cost of goods sold.

Q: ACCOUNT Revenue Cost of Good Sold 300,000 Wage Expense Rent Expense Supplies Expense 20,000 AMOUNT…

A: The income statement is one of a company’s core financial statements that are prepared to find out…

Q: Accounts Amount Total Sales Revenue Travel expense (salespersons) Insurance expenses Cost of goods…

A: Gross profit: The gross profit is the amount left after subtracting the cost of goods sold from the…

Q: Use the following to answer questions 22 – 29 GHT Corporation reports the following amounts in its…

A:

Q: 9. Sales Purchases P3,348,000 2,150,000 70,000 95,000 185,000 202,000 78,000 56,000 44,000 35,000…

A: Income Statement - This statement shows the income earned and loss incurred by the organization in…

Q: Given the following information:   Revenue from Operations 3,40,000 Cost of Revenue from…

A: We have the following information: Revenue from Operations: 3,40,000 Cost of Revenue from…

Q: A В 1 Income statement for LMN company For 31 December 2003 4 Particulars Amount 5 Sales $…

A:

Q: Use the following to answer questions 22 – 29 GHT Corporation reports the following amounts in its…

A: Answer 27) Income statement is prepared by the business organizations so as to known how much amount…

Q: Compute the net profit if, Service Revenue OMR 110,000; Other income OMR12,000; salary Expenses OMR…

A: Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…

Q: In an income statement, total Sales and revenue in $230,000 and total operating expenses is $80.000.…

A: Solution Net income = Total sales and revenue - Total operating expenses - Tax.

Q: Compute the net profit if, Service Revenue OMR 110,000; Other income OMR12,000; salary Expenses OMR…

A: The income statement is an essential part of the financial statements of the company. It is prepared…

Q: Prepare a multi-step Statement of Comprehensive Income using the following: • Sales – 20,000 •…

A: Gross profit = Sales - Cost of Goods Sold Operating profit = Gross profit  - operating expenses

Q: Cost of Goods Sold $ 164,000 Income Tax Expense Merchandise Sales (gross revenue) for Cash 238,000…

A: Formula: Gross profit = ( Gross profit / net sales ) x 100

Q: Income Statement Balance Sheet $ 98,500 (62,000) (18,000) (9,000) Sales Cost of Goods Sold Salaries…

A: Operating cash flows refers to cash generated by the regular operating activities of a company in a…

Q: Sales Revenue 496,625 Cost of Goods Sold 207,400 Bad Debt Expense 4,900 Rent Expense 20,000 Interest…

A: Formula: Net income = Total revenues - Total expenses

Q: Selling & administrative expenses 20,200 Loss on sale of plant assets 11,700 Gross profit…

A: Income statement:- Income statement is that statement which focuses on revenue, expense, gains and…

Q: Compute the net profit if, Service Revenue OMR 110,000; Other income OMR12,000; salary Expenses OMR…

A: Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…

Q: Assignment on Income Statement Presented below are selected ledger accounts of Metro Inc. at…

A: 1. Net sales = 4,275,000 - 79,000 = 4,196,000O   2. Cost of goods sold = Opening stock +…

Q: 2- Complete the following statement: A 8,000 B 9,000 C 5,000 4,200 Sales 6,000 4,000 Cost of goods…

A:

Q: 13. Prepare a multi-step income statement using the following information: 1) The cost of inventory…

A: A multi-step income statement is the one that bifurcates the income and expenses into different…

Q: Interest expense = 36,000. Sales revenue = 2,195,000. Interest and dividends = 9,000. Selling…

A: Gross profit shows that income of the entity which it gets when the total net sale value of goods…

Q: Administrative Expenses $ 250,000 Building 1,025,000 Cash 97,000 Cost of Merchandise Sold 1,400,000…

A: Income statement records all the revenue and expenses and helps to determine net income of the…

Q: Prob current year: 5,250,000 150,000 250,000 Purchases Purchase returns and allowances Rental income…

A: An income statement is a financial report that indicates the revenue and expenses of a business. It…

Q: Selling. general, and administrative expenses were $178.200; net sales were $810,000: interest…

A: Operating income: =Net sales - Cost Of Goods Sold - Operating expenses Net Income: =Operating income…

Q: income statements for vvaiton Company Tor Year 3 ana Year 4 TOIIow. WALTON COMPANY Income Statements…

A: The question is based on the concept of Financial Management.

Q: Prepare Income statement Sales Accounts payable Selling expenses Administrative expenses Other…

A: Gross profit  = Net sales - cost of goods sold

Q: Sales 218,000                                               Gain on sale of equipment $ 6,290…

A: Total Income Profited: Total Income Profited means the difference between the total revenue earned…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.