Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. For this numeric question, 10 points a. What is the total selling expense b. What is the total comprehensive income c. What is the

1. For this numeric question, 10 points
a. What is the total selling expense
b. What is the total comprehensive income
c. What is the profit or loss from operations before finance cost and income tax
image text in transcribed
15. The list of accounts balances of Sassy Co. for December 31, 2019 are the following: Sales Revenue 5,000,000 Commission Income 28,000 Dividend Income 16,000 Sales Commission 500,000 Gain on sale of equipment 100,000 Interest Expense 180,000 Rent Expense 400,000 inventory, Dec. 31, 2019 520,000 Purchases (net of returns) 2,800,000 Administrative salaries 720,000 Office Supplies expense 110,000 Dividends declared 800,000 Unrealized gain on investment at fair value through profit & loss 55,000 Unrealized gain on investment at fair value through Other CI 88,000 Depreciation exp.- Store Equipt 70,000 Depreciation exp. Ofc. Equipt 50,000 Freight-in 80,000 Freight-out 120,000 Additonal information: Merchandise Inventory Jan 1, 2019 450,000; Income tax rate 30%: Rent expense allocated 60% and 40% selling and administrative respectively

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And Assurance Services An Integrated Approach

Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley

10th Edition

0131457349, 978-0131457348

More Books

Students also viewed these Accounting questions

Question

4. How would you deal with the store manager?

Answered: 1 week ago