Courtney Company reported total operating expenses of $55,000 on its adjusted trial balance for the year ended

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Courtney Company reported total operating expenses of $55,000 on its adjusted trial balance for the year ended November 30, 2024. After the preliminary statements were prepared, the accountant became aware of the following situations: 

1. The physical inventory count revealed that merchandise inventory costing $4,000 was damaged and needed to be scrapped. 

2. Sales staff were owed $2,500 of sales commissions relating to November sales. The sales commissions were paid in December. 

Calculate the total operating expenses that should be reported in the November 30, 2024, income statement.

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Accounting Principles Volume 2

ISBN: 9781119786634

9th Canadian Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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