0, 3303 Wilshire PC-Out X @ Chapter V-Second Prc ? @ Chegg Study l Guided , Ceng
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0, 3303 Wilshire PC-Out X @ Chapter V-Second Prc ? @ Chegg Study l Guided , Cengage: Financial &I; × ©The Following selecte × 6 how to screenshot on × DA https://cengage.v.talsource.com/#/books/97813375 15498/cfi/3101/4/4@0.00:41.9 24. Swan Company sold merchandise on account to Bird Company, $67,350, terms FOB shipping point, 26. 30. n/eom. The cost of the goods sold was $40,400 Bird Company paid freight of $875 on April 24 purchase from Swan Company. Bird Company paid Swan Company on account for purchase of April 24 Instructions Journalize the April transactions for (1) Swan Company and (2) Bird Company Multiple-step income statement and balance sheet PR 5-5B The following selected accounts and their current balances appear in the ledger of Kanpur Co Obj. 3 v 1. Net income: 1,340,000 for the fiscal year ended June 30, 2018 Cash Accounts Receivable Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation- 381,000 300,000 8,925,000 5,620,000 850,000 420,000 92,000 Retained Earnings 50,000 Dividends EXCEL TEMPLATE GENERAL LEDGER 370,000 Sales Cost of Goods Sold 5,000 10,000 Sals Salaries Expense 2,000 Advertising Expense 220,000 Depreciation Expense- Office Equipment Store Equipment Accumulated Depreciation- Store Equipment Miscellaneous Selling Expense Office Salaries Expense Rent Expense 33,000 18,000 540,000 48,000 24,000 58,000 650,000 Store Equipment Accounts Payable Customers Refunds Payable Salaries Payable Note Payable 87,500 nsrance Expense 38,500 Depreciation Expense 10,000 Office Equipment Office Supplies Expense Miscellaneous Administrative 10,000 4,000 4,000 (final payment due 2034) Common Stock Ex Interest Expense 6,000 12,000 140,000 ?. 50, 000 278 11:00 AMM 7/30/2018Explanation / Answer
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Kanpur Co. Income Statement For the Year Ended June 30, 2018 Sales 8925000 Cost of goods sold 5620000 Gross profit 3305000 Expenses: Selling expenses: Sales salaries expense 850000 Advertising expense 420000 Depreciation expense-store equipment 33000 Miscellaneous selling expense 18000 Total selling expenses 1321000 Administrative expenses: Office salaries expense 540000 Rent expense 48000 Insurance expense 24000 Depreciation expense-office equipment 10000 Office supplies expense 4000 Miscellaneous administrative expense 6000 Total administrative expenses 632000 Total expenses 1953000 Income from operations 1352000 Other revenue and expense: Interest expense -12000 Net income 1340000Related Questions
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