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04-02Pr_5e_s

# Survey of Accounting (Available Titles Cengagenow)

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Problem 4-2 Name: Section: Score: 0% Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. A red asterisk (*) will appear in the column to the right of an incorrect answer. 1. CASE-IT CO. Income Statement Revenues: Expenses: Total expenses Net income 2. CASE-IT CO. Retained Earnings Statement Retained earnings, December 1, 2009 Retained earnings, November 30, 2010 Instructions

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Problem 4-2 Name: SOLUTION Section: Score: See student sheet for student's score Scoring: ON Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. A red asterisk (*) will appear in the column to the right of an incorrect answer.
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Unformatted text preview: 1. CASE-IT CO. Income Statement For the Year Ended November 30, 2010 Revenues: Net sales \$2,646,000 Expenses: Cost of merchandise sold \$1,926,000 Sel ing expenses 439,200 Administrative expenses 156,400 Interest expense 4,400 Total expenses 2,526,000 Net income \$120,000 2. CASE-IT CO. Retained Earnings Statement For the Year Ended November 30, 2010 Retained earnings, December 1, 2009 \$404,800 Net income for the year \$120,000 Less dividends 45,000 Increase in retained earnings 75,000 Retained earnings, November 30, 2010 \$479,800 Instructions...
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04-02Pr_5e_s - 1 CASE-IT CO Income Statement For the Year...

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