Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please, prepare 1 step income statement from the following information for year 2015 and below write that is TOTAL EXPENSES and LOSSES of the company.

Please, prepare 1 step income statement from the following information for year 2015 and below write that is TOTAL EXPENSES and LOSSES of the company.

Sales 600 000

Depreciation 3300

Bad Debt Provision ?

Interest revenue 1200

Interest expense 800

Salaries ?

General and administrative Expense ?

Rent ?

Cost of goods sold 15 000

Utilities 700

Gains ?

Company has issued invoices for a total of 125 000 euro to its customers in a given month, and has a historical experience of 9% bad debts on its billings

Company sells one of its sewing machine for 3 000 euro. Over the years, the cost of the machinery was being depreciated on the company's accounting records (2350) euro.

Company in 2014 has totally 75 000 euro expense for salaries, in 2015 salaries decreased 2 %. What are salaries expense are in 2015?

Company in 2014 has totally 1500 euro general and administrative expense, in 2015 these expense increased 20 %. Company in 2014 paid 3000 euro for rent in 2015 rent cost increased 15%.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions

Question

What is the cerebrum?

Answered: 1 week ago