Perry Corp. reports operating expenses in two categories: (1) selling and (2) general and administrative. The...
Perry Corp. reports operating expenses in two categories: (1) selling and (2) general and administrative. The adjusted trial balance at December 31, 2017, included the following expense accounts:
Accounting and legal fees $420,000
Advertising 360,000
Freight-out 225,000
Interest 180,000
Loss on sale of long-term investments 90,000
Officers' salaries 540,000
Rent for office space 540,000
Sales salaries and commissions 405,000
One-half of the rented premises is occupied by the sales department.
How much of the expenses listed above should be included in Perry's general and administrative expenses for 2017?
a. $1,230,000.
b. $1,320,000.
c. $1,410,000.
d. $1,500,000.
Homework Answers
Expenses included in general and administrative expenses
= Accounting and legal fees 420,000 + Officer salaries 540,000 + Half of rent (540,000/2)
= 1,230,000
Option A is the answer
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