Question 2 - Test 1 (After Module 1). Connect loved Help Save & 2 Required information (The following information applies to the questions displayed below) 12 of 2 The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of Leone Company Skipped Advertising expense Depreciation expense-office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Inventories Raw materials, December 31, 2016 Raw materials, December 31, 2017 Work in process, December 31, 2016 Work in process, December 31, 2017 Finished goods, December 31, 2016 Finished goods, December 31, 2017 $ 28,750 Direct labor 7,250 Income taxes expense 8,600 Indirect labor 33,558 Miscellaneous production costs 182,600 office salaries expense 7,350 Rawaterials purchases 33,000 Rent expense-office space Rent expense-selling space 166,850 Rent expense-Factory building 182,600 Maintenance expense-Factory equiptent 15,700 Sales 19.380 Sales salaries expense 167,350 136,490 $575,480 233,725 56,875 8,425 63,000 925,000 22,000 26,100 76, see 35,400 4, 462,5ee 392,56 2. Prepare the company's 2017 income statement that reports separate categories for ta) selling expenses and (b) general and administrative expenses LEONE COMPANY Income Statement For Year Ended December 31, 2017 $ 4.462.500 Sales Gost of goods said er Module 1) 0 Required information LEONE COMPANY 2 $ 4,462,500 Income Statement For Your Ended December 31, 2017 Sales Cost of goods sold Cost of goods manufactured $ 1,600,480 Finished goods inventory, December 31, 2016 167,350 Goods available for sale 1,767,830 Cost of goods sold 1,787,830 2,694,670 Operating expenses Seling expenses 0 Total selling expenses Gerveral and administrative expenses Me GTAW HII 90 % & Saved mer Module 1) Required information LOSE OF YOU SO 1./07.03 2,694,670 Operating expenses Selling expenses of 2 Sped 0 Total selling expenses General and administrative expenses 0 Total general and administrative expenses Total operating expenses income before taxes 0 2.694.670 Not income $ 2,694,670 Me Graw sa ona 2 3 $ 4 % 5 & 7 6 8