Chapter_1_-_Class_Discussion_Solutions_Libby_4th_edition

Chapter_1_-_Class_Discussion_Solutions_Libby_4th_edition -...

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E1–3 THE UNIVERSITY SHOP Income Statement For the Month of September 2012 Revenue from sales $120,000 (*) Expenses: Cost of goods sold $ 40,000 Salaries, rent, supplies, and other expenses 38,000 Utilities 600 Total expenses 78,600 Profit for the period $ 41,400 (*) $119,000 + $1,000 = $120,000. (Note: income taxes were ignored in this problem.)
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E1–6 A Profit = $100,000 - $82,000 = $18,000 ; Shareholders’ Equity = $150,000 - $70,000 = $80,000 . B Total Revenues = $80,000 + $12,000 = $92,000 ; Total Liabilities = $112,000 - $60,000 = $52,000 . C Profit (Loss) = $80,000 - $86,000 = ($6,000) ; Shareholders’ Equity = $104,000 - $26,000 = $78,000 . D Total Expenses = $50,000 - $13,000 = $37,000 ; Total Assets = $22,000 + $77,000 = $99,000 . E Total Revenues = $81,000 - $6,000 = $75,000 ; Total Assets = $73,000 + $28,000 = $101,000 .
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E1–7 DUCHARME CORPORATION Summary Income Statement For the Month of January 2011 Total revenues $150,000 Less: Total expenses (excluding income taxes)
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This note was uploaded on 12/29/2011 for the course MANAGEMENT MGTB05 taught by Professor Georgequanfun during the Fall '11 term at University of Toronto.

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Chapter_1_-_Class_Discussion_Solutions_Libby_4th_edition -...

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