Just Need Help On D and E

SPRINC2013TEAMPROJECT DUE: Monday March 26.2018 ACC2311 Below is Sloane Compan y's income statement for 2017 that was prepared by an inexperienced accountant. Sloane Company Income Statement As of December 31, 2017 Revenues: Sales revenue Accrued rent $290,550 4,000 2,700 2,000 1,500 18,000 $318,750 Gain on sale of investment.. Interest payable Accumulated depreciation.. Less operating expenses: 7,200 ..9,200 Utilities expense... Direct manufacturing labor cost. . 50,000 Direct materials Insurance expense.... Restructuring costs.. Rent expense . 95,000 2,500 27,000 Other factory indirect costs... Dividend pai Administrative expenses.. Research and development expense. Interest expense Prepaid insurance 4,000 1,500 34,400 5,000 1,200 4,000 Total operating expenses $14.800 Net operating loss a. Seventy five percent (75%) of utilities expense and 70% of insurance expense are for factory operations. Apply the remaining utilities and insurance expense equally to selling and administrative expenses. tethe remaining rent b. Eighty percent (80%) of the rent expense is associated with factory operation Allo sellng & nlan equally to selling and administrative expenses. no e. Factory equipment was purchased January 1, 2016. It was estimated that the useful life of the equipment is 5 years and the residual value $5,000. The $18,000 accumulated depreciation above is for 2016. No deprecia was charged for 2017. The company uses the double-declining balance method of depreciation. d. Inventory balances are: December 31.2017 January 1,2017 $4,600 $7,000