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Question (Category: homework category)
e4-3 (single-step income statement) the financial records of leroi jones inc. were destroyed by fire at the end of 2007. fortunately the controller had kept certain statistical data related to the income statement as presented below. 1. the beginning merchandise inventory was $92,000 and decreased 20% during the current year. 2. sales discounts amount to $17,000. 3. 20,000 shares of common stock were outstanding for the entire year. 4. interest expense was $20,000. 5. the income tax rate is 30%. 6. cost of goods sold amounts to $500,000. 7. administrative expenses are 20% of cost of goods sold but only 8% of gross sales. 8. four-fifths of the operating expenses relate to sales activities. submitted: 742 days and 18 hours ago. category:homework value:$9 status:closed optional information levelyear: 3 year subject: accounting already tried: internet and text accepted answer this answer is locked! you can view this answer by clicking here to register or login and paying $3. if you've already paid for this answer, simply login .

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