ACC 201 Week 5 Exam Latest Questions and Answers.

EX. 09-080 Revenue and expense data for Reuters Company are as follows: 2017 2016 Administrative expenses $24,750 $18,000 Cost of goods sold 500,000 375,000 Income tax expense 11,600 12,000 Net sales 750,000 600,000 Selling expenses 182,250 154,800 Prepare a comparative income statement, with vertical analysis, stating each item for both 2017 and 2016 as a percent of sales. Round percentage values to one decimal place and state as a whole number. Do not enter the percent sign. (For example, enter .9569 as "95.7"). EX. 08-135 The following accounts and their balances appear in the ledger on December 31 of the current year: Common Stock, $20 par $400,000 Paid-In Capital in Excess of Par 44,000 Retained Earnings 265,000 Treasury Stock 20,000 Prepare the Stockholders' Equity section of the balance sheet as of December 31. Twenty five thousand shares of common stock are authorized, and 1,000 shares have been reacquired.