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Calculate income from operations for Jonas Company

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Q1. Merchandise with a sales price of $2,600 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a

a. credit to Sales for $2,548

b. debit to Accounts Receivable for $2,528

c. debit to Cash for $2,600

d. debit to Sales Discounts for $52

Q2. Calculate income from operations for Jonas Company based on the following data:

Sales $764,000

Operating expenses 52,500

Cost of merchandise sold 538,000

a. $226,000

b. $173,500

c. $485,500

d. $711,500

Q3. The following accounts were taken from the Adjusted Trial Balance columns of the work sheet:

Accumulated Depreciation $2,858

Fees Earned 17,573

Depreciation Expense 1,187

Insurance Expense 557

Prepaid Insurance 3,566

Supplies 1,349

Supplies Expense 3,896

Net income for the period is

a. $11,933

b. $23,213

c. $9,075

d. $5,640

Reference no: EM132608795

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