================================================ 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