1. Lee Company reported the following data for the current year:

Legal and audit fees1,700,000

Rent for office space2,400,000

Interest on inventory loan2,100,000

Loss on abandoned data processing equipment350,000

The office space is used equally by the sales and accounting departments.

What amount should be classified as general and administrative expenses?

d. 5,000,000

a. 2,900,000

b. 3,250,000

c. 4,100,000

The Green Co. reported the following data for the current year

Accounting and legal fees250,000

Freight in1,750,000

Freight out1,600,000

Officers' salaries1,500,000

Insurance850,000

Sales representativessalaries2,150,000

Research and development expense1,000,000

What amount should be reported as administrative expenses?

Question 2 options:

d. 3,600,000

a. 2,600,000

c. 4,350,000

1. b. 5,500,000

Bell Company provided the following information for the current year:

Purchases5,300,000

Purchase discounts100,000

Beginning inventory1,600,000

Ending inventory2,150,000

Freight out400,000

What is the cost of goods sold for the current year?

Question 3 options:

a. 4,650,000

b. 4,750,000

d. 5,850,000

c. 5,050,000

Corazon Company provided the following information for the current year:

Sales7,000,000

Sales Returns and allowances100,000

Cost of goods sold2,800,000

Utilities Expense1,000,000

Interest revenue150,000

Income tax expense800,000

Casualty loss due to earthquake50,000

Finance cost200,000

Salaries expense600,000

Loss on sale of investment50,000

What amount should be reported as income from continuing operations?

Question 4 options:

c. 2,350,000

d. 1,400,000

b. 1,600,000

a. 1,550,000