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Chapter 4 Homework - 644,0 00 Income tax 193,2 00 Net...

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Chapter 4: Income Statement and Related Information Tiffany Watt Homework September 29, 2010 AC 301 – 01 Brief Exercises BE4-2 TURNER CORPORATION INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2007 Revenu es Net sales $ 2,400,000 Interest revenue 31,000 Total revenues 2,431,00 0 Expens es Cost of goods sold 1,250,00 0 Administrative expenses 212,00 0 Selling expenses 280,00 0 Interest expense 45,000 Income tax expense 193,20 0 Total expenses 1,980,20 0 Net income $ 450,800 BE4-3 TURNER CORPORATION INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2007 Net sales $ 2,400,000 Cost of goods sold 1,250,0
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Chapter 4: Income Statement and Related Information Tiffany Watt Homework September 29, 2010 AC 301 – 01 00 Gross profit 1,150,0 00 Selling expenses $ 280,000 Administrative expenses 212,00 0 492,0 00 Income from operations 658,0 00 Other revenues and gains 31,0 00 689,0 00 Other expenses and losses 45,0 00 Income before income
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Unformatted text preview: 644,0 00 Income tax 193,2 00 Net income for the year $ 450,800 Chapter 4: Income Statement and Related Information Tiffany Watt Homework September 29, 2010 AC 301 – 01 Problems P3-3 General Journal Date Account Titles Debit Credit 2007 Dec. 31 Salaries Expense $2,000 Salaries Payable $2,000 31 Unearned Rent Revenue $54,00 0 Rent Revenue $54,00 0 31 Advertising Expense $1,100 Prepaid Advertising $1,100 31 Interest Expense $5,600 Interest Payable $5,600 1. $700 $500 $3,50 $5,00 $1,00 x 5 x 3 + 1,500 ÷ 5 x 2 $3,50 $1,50 $5,00 $1,00 $2,00 2. $4,00 $8,50 $20,0 00 x 5 x 4 +34,0 00 $20,0 00 $34,0 00 $54,0 00 3. $6,00 $7,20 $500 ÷ 12 ÷ 12 + 600 $500 $600 $1,10 Chapter 4: Income Statement and Related Information Tiffany Watt Homework September 29, 2010 AC 301 – 01 4. $80,0 00 .12 x 7/12 $5,60...
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