WRD FinMan 14e_PR 05-5A.xlsx

WRD FinMan 14e_PR 05-5A.xlsx - Problem 5-5A Name Section...

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Problem 5-5A Name: Sheila Patterson Section: ACC 120 Score: 99% Key Code: [Key code here] Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. An asterisk (*) will appear to the right of an incorrect entry. Essay answers will not be graded. 1. CLAIREMONT CO. Income Statement Sales $ 11,343,000 Cost of goods sold 7,850,000 Gross profit $ 3,493,000 Expenses: Selling expenses: Sales salaries expense $ 916,000 Advertising expense 550,000 Depreciation expense—store equipment 140,000 Miscellaneous selling expense 38,000 Total selling expenses $ 1,644,000 Administrative expenses: Office salaries expense $ 650,000 Rent expense 94,000 Depreciation expense—office equipment 50,000 Instructions
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Insurance expense 48,000 Office supplies expense 28,100 Miscellaneous administrative expense 14,500 Total administrative expenses 884,600 Total operating expenses 2,528,600 Income from operations $ 964,400 Other revenue and expense: Interest expense (21,000) Net income $ 943,400 2. CLAIREMONT CO.
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