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The following information is provided for Kelly Plumbing Supply Cash roceived fron customers during December 2017 Cash paid to suppliers for inventory during December 2017

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The following information is provided for Kelly Plumbing Supply Cash roceived fron customers during December 2017 Cash paid to suppliers for inventory during December 2017 $387,000 131,000 Cash received from customers includes all $139,000 of the accounts receivable that were outstanding at November 30, 2017 Accounts recelvable at December 31, 2017 totaled $141,000 Accounts payable (to suppliers of inventory) decreased by $19,000 from November 30, 2017 to December 31, 2017 The balance in the Inventory account decreased by $39,000 over the same period. Required: What is gross profit for the month of December under accrual accounting? On September 1, 2017, Revsine Co. approved a plan to dispose of a segment of its business. Revsine expected that the sale would occur on March 31, 2018, at an estimated gain of $375,000. The segment had actual and estimated operating profits (losses) as follows: Realized loss from 1/1/17 to 8/31/17 Realized loss from 9/1/17 to 12/31/17 Expected profit from 1/1/18 to 3/30/18 (300,000) (200,000) 400,000 The expected profit from 1/1/18 to 3/30/18 was based on Revsine's expectations as of 12/31/17. Assume the marginal tax rate is 30%. Required In its 2017 income statement, what should Revsine report as profit or loss from discontinued operations (net of tax effects)? Required: Classify the following costs as period or traceable costs Depreciation on office building nsurance expense for factory building ok Product liability insurance premium Transportation charges for raw materials Factory repairs and maintenance Rent for inventory warehouse Cost of raw materials Factory wages Salary to chief executive officer Depreciation on factory Bonus to factory workers Salary to marketing staff Administrative expenses Bad debt expense Advertising expense Research and development Warranty expense Electricity for plant Int ences

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