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[The following information applies to the questions displayed below.] The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and
[The following information applies to the questions displayed below.] The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of Leone Company. $ 34,200 11,300 10,800 34,000 136,500 9,200 32,000 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 Direct labor Income taxes expense Indirect labor Miscellaneous production costs office salaries expense Raw materials purchases Rent expense-office space Rent expense-Selling space Rent expense-Factory building Maintenance expense-Factory equipment Sales Sales salaries expense $ 670,500 242,100 56,600 9,700 73,000 961,000 21,000 28,300 80,200 37,800 4,565,800 390,500 161,900 183,000 17,300 21,900 169,900 140,400 2. Prepare the company's 2017 income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses. LEONE COMPANY Income Statement For Year Ended December 31, 2017 Cost of goods sold Goods available for sale 0 Cost of goods sold 0 0 Operating expenses Selling expenses 0 Total selling expenses General and administrative expenses 0 Total general and administrative expenses Total operating expenses Income before taxes 0 0 Net income $ 0
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