The detailed accounting records for Best Advice have been lost. The bookkeeper for the business was able
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Question:
The detailed accounting records for Best Advice have been lost. The bookkeeper for the business was able to provide the following information for 2022. Assume that 60% of expenses are for selling and 40% are administrative.
Data from multi-step income statement is given
Morris, Capital $55,000
Cash 18,000
Sales Revenue 115,000
Interest Expense 3,000
Accounts Receivable 7,800
Rent Expense 12,000
Supplies Expense 2,000
Cost of Goods Sold 30,000
Maintenance Expense 14,000
Salaries Expense 23,000
Interest Revenue 1,000
Unearned Revenue 14,500
Sales Returns & Allowances 5,000
Sales Discounts 2,500
How much is the business’s income from operations for the year?
Related Book For
Canadian Income Taxation 2018-2019
ISBN: 9781259464294
21st Edition
Authors: William Buckwold, Joan Kitunen
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