Chapter 02 Homework 1

Chapter 02 Homework 1 - Professor Gordon ACCT 151 2...

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Professor Gordon ACCT 151 2 September 2008 Chapter 2 Homework 1 E1, E9, E4, P6, P7, P3 E1) 1. BS 2. BS 3. IS 4. IS E4) Sara’ Coffee Shop Cost of goods sold: $28,000 Total operating expenses: $4,500 Amy’s Deli Net Sales: $63,000 Selling Expenses: $6,000 Jane’s Bagels Cost of goods sold: $39,000 Gross Profit: $39,000 G and A Expenses: $4,600 1. BS 2. BS 3. IS 4. IS 5. BS 6. BS 7. BS 8. BS 9. IS 10. BS 11. BS 12. BS 13. BS 14. BS 15. IS 16. BS 17. RE 18. IS 19. IS 20. B P6) SHAW CORPORATION INCOME STATEMENT (SINGLE-STEP FORMAT) FOR THE YEAR ENDED DECEMBER 31, 2008 Revenue Interest $ 1,340 Rent 6,700 Sales 48,300 Total revenues $56,340 Expenses Advertising $ 1,500 Commissions 2,415 Cost of goods sold 29,200 Depreciation on buildings 2,900 Income taxes 1,540 Auto insurance 2,250 Interest 1,400 Salaries and wages 12,560 Supplies 890 Total expenses 54,655 Net income $ 1,685 In a single-step income statement, valuable sub totals that may be of interest to you are not P7) SHAW CORPORATION
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This note was uploaded on 02/22/2009 for the course ACCT 151 taught by Professor Largay during the Spring '07 term at Lehigh University .

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Chapter 02 Homework 1 - Professor Gordon ACCT 151 2...

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