Raxana r and c ACG 2021-Financial Accounting (T\'est 2) Test 2 -Chapters 4,5, an

Question

Raxana r and c ACG 2021-Financial Accounting (T'est 2) Test 2 -Chapters 4,5, and 6 Calculate income from operations for Jonas Company based on the following data: $764,00 sold a. $485,500 b. $711,5oo c. $173,500 d. $226,000 2. , Expenses that are incurred directly or entirely in connection with the sale of merchandise are classified as a. selling expenses b. general expenses c. other expenses 3. Office salaries, depreciation of office equipment, and office supplies are examples of what type of expense? a. selling expense b. miscellaneous expense c. administrative expense d. other expense 4· The form ofincome statement that derives its name from the fact that the total of all expenses is deducted from the total of all revenues is called a a. multiple-step statement b. revenue statement report-form statement c. d. single-step statement Multiple-step income statements show a. gross profit but not income from operations b. neither gross profit nor income from operations c. both gross profit and income from operations d. income from operations but not gross profit

Explanation / Answer

SOLUTION

(1) Net income from operations = $173,500

Particulars Amount ($) Sales 764,000 Cost of goods sold 538,000 Gross profit 226,000 Operating expenses (52,500) Net income from operations 173,500

Related Questions

Navigate

• Browse (All)
• Browse R
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.