Chapter 1, Problem 19E

Identify each of the following items relating to sections of an income statement as Revenue from Sales, Cost of Goods Sold, Selling Expenses, General Expenses, Other Income , or Other Expenses. Utilities Expense  Advertising Expense  Purchases Discounts  Sales Returns and Allowances  Interest Income  Freight In  Depreciation Expense, Equipment  Interest Expense  Rent Expense  Sales                Check My Work

Identify each of the following items relating to sections of an income statement as Revenue from Sales (S), Cost of Goods Sold (CGS), Selling Expenses (SE), General Expenses (GE), Other Income (OI), or Other Expenses (OE). a. Utilities Expense b. Advertising Expense c. Purchases Discounts d. Sales Returns and Allowances e. Interest Income f. Freight In g. Depreciation Expense, Equipment h. Interest Expense i. Rent Expense j. Sales

Identify which one of the following formula is used to calculate the net income of the service companies in an accounting period? a.Net Purchases – Cost of goods sold b.Net Sales – Cost of goods sold c.Services Revenue – Operational and Administrative Expenses d.Operational and Administrative Expenses – Service Revenue

Refer to Apple’s balance sheet and income statement. What does the company title its inventory account? Does the company present a detailed calculation of its cost of goods sold?

A) Calculate the total Current Assets, Total Assets, Total Liabilities and Equity, Gross profit, Operating Profit, Earning before Taxes, Taxes and Net Income after Tax on the Balance Sheet and Income statement below (rows highlighted in yellow) B) Calculate the percentage of each line item under Assets to the Total Assets, each line item under Liabilities and Equity to the total Liabilities and Equity, and Cost of Goods Sold, SG&A and Interest Expense to Revenue (blue boxes)

YOu skipped this question In the previous attempt. A1 The list below shows select accounts for Reading Readiness Company as of B D E G. 1 The list below shows select accounts for Reading Readiness Company as of January 31, 20X1. (Accounts are in alphabetical order.) 3 Accounts Payable $ 4. 8,088 Accounts Receivable 6,960 6 Cash 13,445 Equipment 4,800 8 Insurance Expense 1,350 Operating Expense Other Expenses 11,800 10 3,482 11 Other Revenues 6,050 12 4,800 Rent Expense Salaries Expense 6,882 17,200 15,400 13 14 Short-term Notes Payable 15 Test Prep Revenue 16 9,100 Tutoring Revenue Unearned Revenue 17 1,046 8 9 Required: P 1. Prepare an Income Statement for the month ended January 31, 20X1. Use cell references 1 to select account titles and amounts to be included on the income statement. Note: List revenues and expenses in order of largest to smallest dollar amounts. 2. After entering the formula in cell C42, use the Excel IF function to label cell B42 as either "Net Income" or Sheet1…

Which is the CORRECT order for items to appear on the income statement? Group of answer choices sales revenue, gross profit, net income, operating expenses cash, accounts receivable, inventory, property/plant/equipment, intangible assets sales revenue, operating expenses, gross profit, net income sales revenue, cost of goods sold, gross profit, operating expenses sales revenue, gross profit, cost of goods sold, operating expenses

which is the effect of the following transaction on the basic accounting equation? Bought equitment for 2500$ using cash

Directions: Read the given sentences carefully. Select the best answer from the choices given below. Write your answer on the space provided before each item. Gains Purchases Sales Income Gross Profit Sales Discount Selling expenses Professional Fee Net Income Operating expenses Sales return Cost of Goods Sold Service Income 1. An example of service revenue. 2. The revenue generated from the sale of products. 3. It is computed by deducting the cost of sales from net sales. 4. It is used to describe revenue derived from the rendering of services. 5. A type of income derived from the other activities of the business. 6. The account used to report the acquisitions of merchandise for sale. 7. It represents the actual cost of inventories that the company was able to sell. 8. These are expenses that are directly related to the main purpose of a merchandising business 9. A contra-sales account that is used to report the amount of discount given to or taken by the customers. 10. It refers…