14-07Ex_5e_s

Survey of Accounting (Available Titles Cengagenow)

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Exercise 14-7 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 (*) wil appear in the row immediately to the right of an incorrect answer. ENCOUNTER SPORTING GOODS COMPANY Divisional Income Statements For the Year Ended December 31, 2010 Wholesale Division Retail Division Revenues Cost of goods sold Gross profit Operating expenses Income from operations before service department charges Less service department charges: Tech Support Department Accounts Payable Department Income from operations Instructions
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Exercise 14-7 Name: SOLUTION Section: Score: See student sheet for student's score Scoring: ON Answers are entered in the cells with gray backgrounds.
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Unformatted text preview: Cells with non-gray backgrounds are protected and cannot be edited. A red asterisk (*) wil appear in the row immediately to the right of an incorrect answer. ENCOUNTER SPORTING GOODS COMPANY Divisional Income Statements For the Year Ended December 31, 2010 Wholesale Division Retail Division Revenues $6,720,000 $5,712,000 Cost of goods sold 3,528,000 2,688,000 Gross profit $3,192,000 $3,024,000 Operating expenses 1,260,000 1,176,000 Income from operations before service department charges $1,932,000 $1,848,000 Less service department charges: Tech Support Department $423,000 $282,000 Accounts Payable Department 98,134 521,134 179,866 461,866 Income from operations $1,410,866 $1,386,134 Instructions...
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This note was uploaded on 11/04/2011 for the course ACC 121 taught by Professor Thomas during the Winter '08 term at Baker MI.

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14-07Ex_5e_s - Cells with non-gray backgrounds are...

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