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skad [1K]
3 years ago
13

Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2013.

Business
1 answer:
Alchen [17]3 years ago
3 0

Answer and Explanation:

The journal entries are shown below:

Sales Revenue $492,000  

Interest Revenue $6,000  

Gains on Sale of Investment $8,000  

        To Profit or Loss $506.000

(being the closing of revenue accounts is recorded)  

Profit or Loss $440,000  

   To Salaries Expense      $80,000

   To Advertising Expense $10,000

   To Cost of Goods Sold  $284,000

   To Insurance Expense  $12,000

   To Interest Expense  $4,000

   To Income Tax Expense  $30,000

   To Depreciation Expense $20,000

(being the closing of expenses accounts is recorded)  

Net Income $66,000    ($506,000 - $440,000)

   To Profit or Loss $66,000

(being Recording of profit earned)

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Answer:

Correct option is A.

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3 years ago
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sleet_krkn [62]

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DYI Construction Co. is considering a new inventory system that will cost $750,000. The system is expected to generate positive
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Year Cashflow        [email protected]% PV

$                      $

0 (750,000)             1          (750,000)

1        350,000               0.9259    324,065

2       325,000               0.8573     278,623

3        250,000              0.7938      198.450

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