Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

What is total expenses and losses if you prepare from the following information one step income statement? Sales 1 500 000 Losses 900 Utilities 1500

What is total expenses and losses if you prepare from the following information one step income statement?

Sales 1 500 000

Losses 900

Utilities 1500

Depreciation 6000

Bad Debt Provision?

Interest revenue 3000

Interest expense 1200

Salaries 123 000

Cost of Goods sold 122 000

Rent expense 6500

Gains?

Additional information:

a) Company has issued invoices for a total of 150 000 euro to its customers in a given month, and has a historical experience of 3% bad debts on its billings.

b) Company sells one of its track for 9,000 euro because it is not an organization that deals in the buying and selling of vehicles, the sale of the track is outside of its primary activities. Company sells one of its delivery tracks for 9,000 euro. Over the years, the cost of the track was being depreciated on the company's accounting records (5,000) euro.

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

Derivatives Markets

Authors: Robert McDonald

3rd Edition

978-9332536746, 9789332536746

More Books

Students also viewed these Finance questions

Question

What were the processes that caused the outcomes?

Answered: 1 week ago

Question

which function will give the result of: $ 2 5 , 9 0 0 . 0 0 in sql

Answered: 1 week ago