Question: Nova Tech Inc. provided the following expense data for the current year: Legal and accounting fees: $1,600,000 Office lease: $2,900,000 corporate bonds: $2,500,000 Loss on
Nova Tech Inc. provided the following expense data for the current year:
Legal and accounting fees: $1,600,000
Office lease: $2,900,000
corporate bonds: $2,500,000
Loss on disposal of fixed assets: $450,000
Freight in: $1,600,000
Freight out: $1,900,000
CEO and CFO salaries: $2,100,000
Comprehensive insurance: $1,000,000
Sales commission: $2,700,000
Research and development costs: $1,400,000
Advertising expenses: $1,800,000
The office space is used equally by the sales and finance departments.
Requirements:
Calculate the total general and administrative expenses.
Determine the total sales and marketing expenses.
Compute the total research and development expenses.
Identify non-operating expenses.
Calculate the overall total expenses for Nova Tech Inc.
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