Chapter 6 Performance Evaluation: Variance Analysis
SOLUTIONS TO EXERCISES
Less variable expenses:
Cost of goods sold
Total variable expenses
Fixed operating expenses
Computer Accounting with QuickBooks 2015 by Donna Kay
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Student Work Area
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For a breakdown of the solution
American Institute of
American Institute of Professional Bookkeepers, 2010
The categories of business-related assets
are property, plant and equipment (PP&E)
E3-10 Prepare correct income statement
The income statement of Gopitkumar Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Salaries and Wages
Expense $2,300, Supplies Expense $1,200, and Utilities Expense $600. In revi
E3-11 - Analyze adjusted data.
A partial adjusted trial balance of Gehring Company at January 31, 2015, shows the following.
Adjusted Trial Balance
January 31, 2015
Salaries and Wages Payable
The Adjusting Process
1. Cash basis accounting records revenues only when cash is received and expenses only when
cash is paid. Accrual basis accounting records revenues when earned and expenses when
2. Accrual basis a
1. A merchandiser is a business that sells merchandise, or goods, to customers. The
merchandise that these types of businesses sell is called merchandise inventory.
2. Merchandisers are often identified
Accounts and Explanation
Sales Returns and Allowances
Cost of Goods Sold
Conditional Probability and Two-Way Tables
Describe, analyze, and interpret statistical informa