Calculate income from operations for Jonas Company based on the following data: (No $ please).  Sales $764,000 Operating expenses 52,500 Cost of merchandise sold 538,000

Problems – 55 Points Do not enter single number answers for problems. If your answer is incorrect, you will lose all of the points.  Show your work to earn partial credit on incorrect answers. 

Use the information below for Jensen Company to answer the questions that follow. Direct materials used         $345,000Direct labor incurred            250,000Factory overhead incurred   400,000Operating expenses             175,000 Jensen Company’s period costs are      

Revenue is earned only when money is received.

Given the following data:  Beginning raw materials inventory    $30,000Materials purchased                             65,000Ending raw materials inventory           40,000 What is the amount of raw materials used?

Using the following information, what is the amount of gross profit? (no $s please) Show your work. ​     ​ Selling expenses $    960 Cost of Goods Sold 31,330 ​     Administrative expenses 910 ​ Sales 63,000 Rent revenue 1,200 ​ Interest expense 1,040 ​ ​

On May 20, White Repair Service extended an offer of $108,000 for land that had been priced for sale at $140,000. On May 30, White Repair Service accepted the seller’s counteroffer of $115,000. On June 20, the land was assessed at a value of $95,000 for property tax purposes. On July 4, White Repair Service was offered $150,000 for the land by a national retail chain. At what value should the land be recorded in White Repair Service’s records?

Abbie Marson is the sole owner and operator of Great Plains Company.  As of the end of its accounting period, December 31, Year 1, Great Plains Company has assets of $940,000 and liabilities of $300,000.  During Year 2, Marson invested an additional $73,000 and withdrew $33,000 from the business. What is the amount of net income during Year 2, assuming that as of December 31, Year 2, assets were $995,000 and liabilities were $270,000?

Indicate whether each of the following accounts represents an asset, liability, or owner’s equity: (a) Accounts Payable (b) Wages Expense (c) Capital (d) Accounts Receivable (e) Withdrawal (f) Land

A drawing account represents the amount of withdrawals made by the owner.