Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I have a problem with #4. I put the correct imput about the ending of finished goods (less). And I still got it incorrectly Required

I have a problem with #4. I put the correct imput about the ending of finished goods (less). And I still got it incorrectly

image text in transcribed

image text in transcribed

Required information [The following information applies to the questions displayed below) The following calendar year end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company Advertising expense Depreciation expense-office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities $ 28,000 Direct labor 9,800 Income taxes expense 10,300 Indirect labor 39,800 Miscellaneous production costs 131,300 Office salaries expense 3,200 R materials purchases 30,000 Rent expense-office space Rent expense-selling space 160.700 Rent expense-Factory building 134.000 Haintenance expense-Factory equipment 15.100 Sales 10.000 Sales salaries expense 165.000 143.500 $ 650.600 294,300 59.100 9.00 51.000 960.000 22.00 20.000 to Twentores materials, December 31, 2018 materials, December 31, 2019 process, Dec 31, 2018 work in process, December 31, 2019 Finished goods. December 31, 2018 Finished on December 1, 2019 4.545.700 2. Prepare the company's 2019 income statement that reports separate categories for a selling expenses and to general and metrative expenses 2. Prepare the company's 2019 income statement that reports separate categories for (a) selling expenses administrative expenses. X Answer is not complete. LEONE COMPANY Income Statement For Year Ended December 31, 2019 Sales $ 4.546.700 165.000 Cost of goods sold Finished goods inventory December 31, 2018 Cost of goods manufactured Finished goods inventory, December 31, 2019 Goods available for sale X 2.008.000 (143 500) 2,029,500 X Cost of goods sold Gross profit from sales Operating expenses 2 029 600 2 517 200

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

Step: 3

blur-text-image

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

ACCOUNTING JOB QUESTIONS AND ANSWERS Trainee Accountants Handbook

Authors: Sterling Libs FCCA

1st Edition

1911037129, 978-1911037125

More Books

Students also viewed these Accounting questions