LAS Corporation shows the following accounting record for sales commissions 15,000 beginning merchandise inventory 16, 000 ending merchandise inventroy 9, 000 sales 185, 000 advertising 10, 000 purchase of merchandise 85, 000 employees salaries 20, 000 other operating expenses 30,000 1. Prepare income statement SAC corporation shows the following accounting records land 50, 000 accounts payable 2, 200 cash 10, 000 material inventory 474 accumulated depreciation (60 000) accounts receivable 9, 500 finsihed goods inventory 3, 280 common stock, no par 70, 000 retained earnings 37, 054 income tax payable 4, 000 building and equipments 100, 000 2. prepare a balance sheet

Assume that the Acct 201 Co. has $1,000,000 in Sales ($600,000 on account; $400,000 for cash), Cost of merchandise sold of $100,000 and Operating expenses of $300,000. Acct 201's Gross profit is:

An excerpt from Ivanhoe Company's accounting records is provided below. Sales revenue $627,000 Cost of goods sold 346,500 Wages expense 123,750 Depreciation expense 15,675 Rent expense 50,325 Interest expense 4,950 Income tax expense 14,850 Retained earnings 36,300 Dividends declared 16,500 Wages payable 12,375 Cash 41,250 Accounts receivable 61,875 Accounts payable 82,500 M σε Ac Q Ac Q Ac Using only the data provided above, record all the required closing entries using proper Journal Entry form. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Q Ac A C M N

The following income statement contains errors.   Curbstone Company Income Statement For the Year Ended August 31, 20Y5 1 Sales   $8,595,000.00 2 Cost of merchandise sold   6,110,000.00 3 Income from operations   $2,485,000.00 4 Expenses:     5 Selling expenses $800,000.00   6 Administrative expenses 575,000.00   7 Delivery expense 425,000.00   8 Total expenses    1,800,000.00 9     $685,000.00 10 Other expense:     11 Interest revenue   45,000.00 12 Gross profit   $640,000.00       Identify the errors by preparing a corrected multiple-step income statement. Be sure to complete the statement heading. Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For…

Financial information is presented below: Operating Expenses $ 92, 800 Sales Returns and Allowances 18,000 Sales Discounts 12,000 Sales Revenue 350,000 Cost of Goods Sold 176,000 The amount of net sales on the income statement would be Select one: a. $ 338,000. b. $332,000. c. $350,000. d. $320,000.

Assignment on Income Statement   Presented below are selected ledger accounts of Metro Inc. at December 31, 20x1.   Cash 185,000 Prepaid insurance 24,000 Merchandise inventory, 1/1/20X1   535,000   Advertising expense   54,000 Sales 4,275,000 Prepaid income tax 93,000 Advances from customers 117,000 Depreciation of sales equipment 36,000 Purchases 2,786,000 Telephone – sales 17,000 Purchase discounts 27,000 Unearned rent 8,000 Sales salaries 284,000 Rental revenue 240,000 Sales returns 79,000 Interest expense 176,000 Transportation-in 72,000 Common stock ($10 par) 900,000 Sales equipment 135,500 Additional paid-in capital 250,000 Accounts receivable 142,500 Retained earnings 166,000   Metro’s tax rate on all items is 34%.  A physical inventory indicates that the ending inventory is…

The following information is available for the McCartney Corporation: Sales $750,000Costs of goods sold $450,000Gross Profit $300,000Operating income $85,000Net income $42,000Inventory, beginning-year $71,200Inventory, end of year $48,800Calculate the company's inventory turnover and its days' sales in inventory.

Find the missing amounts, and be sure to label your Presented here are the components in Wildhorse Company's income statement. Determine the missing amounts. Sales Revenue $81,000 A Cost of Goods Sold B $69,000 Gross Profit $77,800 $57,000 Operating Expenses C $46,000 Net Income $17,000 D