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Connect Homework Chapter 3

Fees earned2,100Dec 31Unearned fees4,900Fees earned4,900Dec 31Depreciation expense—Computers1,600Accumulated depreciation—Computers1,600Dec 31Depreciation expense—Office furniture1,850Accumulated depreciation—Office furniture1,850Dec 31Salaries expense2,250Salaries payable2,250Dec 31Insurance expense1,400Prepaid insurance1,400Dec 31Office supplies expense580Office supplies580Dec 31Utilities expense90Utilities payable90-----------------------------------------------------------------------------------------------------------------------------------2.Use the following information to compute profit margin for each separate company athrough e. (Round your answers to 1 decimal place.)Net Income Net Sales Profit Margin (%)a.$4,361$44,5009.8%b.97,706398,80024.5%c.111,281257,00043.3%d.65,646 1,458,8004.5%e.80,132435,50018.4%Which of the five companies is the most profitable according to the profit margin ratio?Company c-----------------------------------------------------------------------------------------------------------------------------------3.Following are Nintendo’s revenue and expense accounts for a recent calendar year.Net sales¥1,014,345 Cost of sales626,379 Advertising expense96,359 Other expense, net213,986

Score:18.81out of 20 points (94.05%)6.aw ard:2.77 out of2.85 points[The following information applies to the questions displayed below.]The adjusted trial balance for Chiara Company as of December 31, 2013, follows.DebitCreditCash$138,500 Accounts receivable55,500 Interest receivable19,600 Notes receivable (due in 90 days)173,000 Office supplies16,000 Automobiles175,000 Accumulated depreciation—Automobiles$95,000 Equipment148,000 Accumulated depreciation—Equipment27,000 Land78,000 Accounts payable94,000 Interest payable45,000 Salaries payable15,000 Unearned fees32,000 Long-term notes payable140,000 R. Chiara, Capital315,800 R. Chiara, Withdrawals51,000 Fees earned494,000 Interest earned30,000 Depreciation expense—Automobiles24,500 Depreciation expense—Equipment20,500 Salaries expense182,000 Wages expense47,000 Interest expense33,000 Office supplies expense34,600 Advertising expense59,000 Repairs expense—Automobiles32,600 Totals$1,287,800 $1,287,800 rev: 03_12_2013_QC_27315Required:1(a) Prepare the income statement for the year ended December 31, 2013.

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