================================================ ACC 290 Week 3 Vocabulary Activity( New)
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Selling expenses 109,000 Administrative expenses 103,000 212,000 Net earnings $ 105,000 As an experienced, knowledgeable accountant, you review the statement and determine the following facts: 1. Net sales consist of: sales $ 911,000, less freight-out on merchandise sold $ 33,000, an d sales returns and allowances $ 28,000. 2. Other revenues consist of sales discounts $ 18,000 and rent revenue $ 4,000. 3. Selling expenses consist of salespersons’ salaries $ 80,000, depreciation on equipment $ 10,000, advertising $ 13,000, and sales commissions $ 6,000. The commissions represent commissions paid. At December 21, $ 3,000 of commissions have been earned by salespersons but have not been paid. All compensation should be recorded as Salaries and Wages Expense. 4. Administrative expenses consist of office salaries $ 17,000, dividends $ 18,000, utilities $ 12,000, interest expense $ 2,000, and rent expense $ 24,000, which includes prepayments totaling $ 6,000 for the first quarter of 2018. Assume a 25 % tax rate. Show your work on the Excel ® spreadsheet and submit with your explanation. Click the Assignment Files tab to submit your assignment.
================================================ ACC 290 Week 3 Vocabulary Activity( New)
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WileyPLUS Assignment: Week 3 Practice Quiz Resource: WileyPLUS