Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Resolve the following income statement Business Name: IDEOVIO SA de CV Period from 1 January to 24 October 2012 Sales $ 850.000 Purchases $ 540,000

Resolve the following income statement

Business Name: IDEOVIO SA de CV

Period from 1 January to 24 October 2012

Sales

$ 850.000

Purchases

$ 540,000

Initial inventory

$910.000

Final inventory

$765,000

Returns on sales

$ 8,000

Returns on purchases

$9,000

Purchase costs

$2,000

Store rent

$30,000

Office rental

$15,000

Agent salaries

$18,000

Commissions of agents and dependents

$8,000

Freight and haulage of goods sold

$3,000

Advertising

$19,000

Salaries of office staff

$31,000

Accountant's salary

$18,000

Sales on purchases

$4,000

Stationery and office supplies

$2,500

Dividends charged

$5,000

Sales rebates

$ 5,000

Driver's salary

$5,000

Loss on sale of shares and securities

$4,000

Profit on the sale of fixed asset securities

$5,000

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

FINANCIAL & MANAGERIAL ACCOUNTING FOR DECISION MAKERS

Authors: Dyckman, Hanlon, Magee, Pfeiffer, Hartgraves, Morse

3rd Edition

1618532340, 9781618532343

More Books

Students also viewed these Accounting questions

Question

Psychological issues associated with officiating/refereeing

Answered: 1 week ago

Question

Patients are kept waiting two hours for appointments.

Answered: 1 week ago