Where are selling and administrative expenses found on the ...

[jhjkgdfhk]

Where are selling and administrative expenses found on the multiple-step income statement?
 a. before gross profit
  b. after sales and before gross profit
  c. after net income and before expenses
  d. after gross profit

Question 2

Assume 2011 is the company's first year of business and there were no dividends declared in 2011.
 
  For the year ended
   December 31, 2011
  Revenues  300
  Expenses 1. _____________
  Net Income 2. _____________
 
   December 31, 2011
  Assets  1,000
  Liabilities 3. _____________
  Contributed capital  300
  Retained earnings  200
 
  Determine the missing amounts, 1. Expenses. 2. Net income and 3. Liabilities, in the condensed income statement and balance sheet for the year ended December 31, 2011.
 
  A) 1. Expenses of (100); 2. Net income of 200; 3. Liabilities of 500
  B) 1. Expenses of (200); 2. Net income of 500; 3. Liabilities of 1,500
  C) 1. Expenses of (200); 2. Net income of 100; 3. Liabilities of 500
  D) 1. Expenses of (500); 2. Net income of 200; 3. Liabilities of 500

[dudman123]

Answer to Question 1

d

Answer to Question 2

A

[jhjkgdfhk]

Correct answers!

[dudman123]

Great! Please up vote