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ct.html?isRege true&returnUrlhttps;%3A%2F%2 Help Required information The following information applies to the questions displayed below. The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of Leone Company. $ 675,480 233,725 56,875 8,425 63,000 925,000 22,000 26,100 76,800 35,400 4,462,50o 392,560 s 28,750 Direct labor 7,250 Income taxes expense tion expense-office equipment ling equipment iation expense-Factory equipment 8,600 Indirect labor 33,550 Miscellaneous production costs 102,600 office salaries expense Factory supervision 7,350 Raw materials purchases 33,000 Rent expense-Office space Factory utilities Rent expense-Selling space r 31, 2016 December 31, 2017 166,850 Rent expense-Factory building Raw materials, 182,000 Maintenance expense-Factory equipment r 31, 2016 r 31, 2017 15,700 Sales 19,380 Sales salaries expense Finished goods, December 31, 2016 Pinished goods, December 31, 2017 167,350 136,490 . Prepare the company\'s 2017 income statement that reports separate categorids for (a) selling expenses and (b) general and dministrative expenses.

-----------------------------------LEONE COMPANY-----------------------------------

-----------------------------------Income Statement-----------------------------------

-------------------For the year ended December 31st 2017--------------------

Sales

$ 4,462,500.00

Cost of Goods Sold

Finished Goods Inventory

$ 167,350.00

Cost of goods Manufactured

$ 925,000.00

Goods Avalable for sale

$ 1,092,350.00

Less: Finished Goods Inventory

$ 136,490.00

Cost of Goods Sold

$ 955,860.00

Gross Profit from Sales

$ 3,506,640.00

Operating Expenses

Selling Expenses

Advertisement Expenses

$ 28,750.00

Depreciation-Selling Equipment

$ 8,600.00

Rent-Selling Space

$ 26,100.00

Sales Salaries expenses

$ 392,560.00

Total selling Expenses

$ 456,010.00

General And Administrative Expenses

Depreciation-Office Equipment

$ 7,250.00

Office Salaries Expenses

$ 63,000.00

Rent Expenses-Office Space

$ 22,000.00

Work in progress dec 31st 2016

$ 15,700.00

Total General and Administrative Expenses

$ 107,950.00

Total Operating expenses

$ 563,960.00

Income Before Taxes

$ 2,942,680.00

Income Taxes Expenses

$ 233,725.00

Net Income

$ 2,708,955.00

-----------------------------------LEONE COMPANY-----------------------------------
-----------------------------------Income Statement-----------------------------------
-------------------For the year ended December 31st 2017--------------------

Sales		$ 4,462,500.00
Cost of Goods Sold
Finished Goods Inventory	$ 167,350.00
Cost of goods Manufactured	$ 925,000.00

Goods Avalable for sale	$ 1,092,350.00
Less: Finished Goods Inventory	$ 136,490.00
Cost of Goods Sold		$ 955,860.00
Gross Profit from Sales		$ 3,506,640.00

Operating Expenses
Selling Expenses
Advertisement Expenses	$ 28,750.00
Depreciation-Selling Equipment	$ 8,600.00
Rent-Selling Space	$ 26,100.00
Sales Salaries expenses	$ 392,560.00
Total selling Expenses	$ 456,010.00

General And Administrative Expenses
Depreciation-Office Equipment	$ 7,250.00
Office Salaries Expenses	$ 63,000.00
Rent Expenses-Office Space	$ 22,000.00
Work in progress dec 31st 2016	$ 15,700.00
Total General and Administrative Expenses	$ 107,950.00
Total Operating expenses		$ 563,960.00
Income Before Taxes		$ 2,942,680.00
Income Taxes Expenses		$ 233,725.00
Net Income		$ 2,708,955.00

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