Selling and administrative expenses

Assignment Help Accounting Basics
Reference no: EM13330183

Presented below is information which relates to Labrador Limited for 2014:
Collections of credit sales $1,100,000
Retained earnings, January 1, 2014 800,000
Sales 1,900,000
Selling and administrative expenses 290,000
Casualty loss (pre-tax) 350,000
Cash dividends declared on common stock 34,000
Cost of goods sold 1,100,000
Loss resulting from calculation error on depreciation charge in 2012 (pre-tax) 460,000
Other revenues 180,000
Other expenses 120,000
Loss from early extinguishment of debt (pre-tax) 340,000
Gain from transactions in foreign currencies (pre-tax) 220,000
Proceeds from sale of Strathroy common shares 60,000

Additional information:
1. Early in 2014, Labrador changed depreciation methods for its plant assets from the double declining-balance to the straight-line method. The affected assets were purchased at the beginning of 2012 for $200,000, had no residual value, and had useful lives of 10 years. Depreciation expense of $20,000 is included in the "Selling and Administrative Expenses" of $290,000.

Reference no: EM13330183

Questions Cloud

Determine the required altitude of the circular orbit : It is desired to place a satellite in earth polar orbit such that successive ground tracks at the equator are spaced 3000 km apart
Explain the percent by mass of ba in compound : A sample of 0.836 gm of unknown compound containing barium ions ( Ba2+) is dissolved in water and treated with an excess of Na2SO4. If the mass of BaSo4 precipitate formed 0.7403 gm, What is the percent by mass of Ba in the original unknown compou..
Determine how big is the image : A real image 1.5 cm high is 18.0 cm from a thin lens. The image is on the opposite side of the lens, 32.2 cm from the object. How big is the image
What fraction of ball initial kinetic energy is stored : A ball of mass 0.30 kg is fired with velocity 160 m/s into the barrel of a spring gun of mass 2.5 kg initially at rest on a frictionless surface. What fraction of the ball's initial kinetic energy is stored in the spring
Selling and administrative expenses : Early in 2014, Labrador changed depreciation methods for its plant assets from the double declining-balance to the straight-line method. The affected assets were purchased at the beginning of 2012 for $200,000, had no residual value, and had us..
Explain what would happen if 5% naoh had been used : How are excess sulfuric acid and the excess methanol removed from the crude ester after the reaction has been completed. Why was 5% NaHCO3 used in the extraction. What would happen if 5% NaOH had been used
What is the speed of the air-track glider : A light spring-gun projectile launcher is mounted on an 0.393 kg air track glider. What is the speed of the air-track glider after the gun is fired
How to compute the concentration of the acid solution : A 2750 ml sample of 3 M HCl solution is treated with 4.66gm of magnesium. Calculate the concentration of the acid solution after all the metal has reacted. Assume that the volume remain unchanged.
Business process management principles : Business Process Management Principles

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Equilibrium point for publishing company

A small publishing company is planning to publish a new book. The production costs will include one time fixed costs(such as editing) and variable costs( such as printing).

  Impact on stockholders equity of a transfer

Which of the following statements is reflects the impact on stockholders' equity of a transfer from available-for-sale to trading.

  Opinion on the financial statements of midwest corporation

Burt, CPA, issued an unqualified opinion on the financial statements of Midwest Corp. These financial statements were included in Midwest's annual report, and Form 10-K was filed with the SEC. As a result of Burt's reckless disregard for GAAS, mat..

  How management can engage in "real"

1. Give three examples of how management can engage in "real" earnings management to achieve the desired reporting of higher net income. 2. Profiles Corp. had the following infrequent income statement items during 2009:

  Profitability as measured by return on sales

Disney has four primary business segments: Media Networks, Parks and Resorts, Studio Entertainment, and Consumer Products. Which of these four has the best 2007 profitability as measured by return on sales?

  Total cost of jurislon

The cost of Jurislon is $4.8 per kilogram. The company wants to prepare a Direct Materials Purchase Budget for the next five months. The total cost of Jurislon to be purchased in August is:

  List the relationships ratios and trends

1. List the relationships, ratios and trends that will provide useful information about the overall reasonableness of accounts payable. Consider income statement accounts that affect accounts payable in selecting the analytical procedures.

  Return on investment problem

Determine which regional managers should receive bonuses if bonuses are awarded to regional managers whose return on investment (ROI) exceeds 10%. Be sure to show all your work. (this company defines invested capital as total assets minus current ..

  Gain or loss on the basis of new property

Elizabeth's property had an adjusted basis of $9000 and a fair market value of $10,500, and Elizabeth gave Debbie $4500 in cash. Determine Debbie's and Elizabeth's realized gain of loss, recognized gain or loss and the basis in their new property.

  Tv network probability for cancelling show

A television network decides to cancel one of its shows if it is convinced that less than 14% of the viewing public are watching this show.

  Preparing a cash distribution plan

Prepare a cash distribution plan as of September 30, 2009, showing how much cash each partner will receive if the offer to sell the assets is accepted.

  What are the concept of debits and credits.

• How does the debit impact each account type? • How does the credit impact each account type?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd