The adjusted trial balances of Hemmingway Corporation at August 31, 2016, and Au

Question

The adjusted trial balances of Hemmingway Corporation at August 31, 2016, and August 31, 2015, include these amounts (in millions) (Click the icon to view the trial balance amounts.) Hemmingway Corporation complete these transactions (in millions) during the year ended August 31, 2016. (Click the icon to view the transactions.) Requirement 1. Compute the amount of sales revenue, insurance expense, and other operating expenses to report on the income statement for the year ended August 31, 2016. The sales revenue for the year ended August 31, 2016 is $ Completed these transactions (in millions) during the year ended August

Explanation / Answer

The sales revenue is = total amount attained after selling certain product , that is number of units of product * cost per unit

=> Sales revenue = collection from customers - payment of prepain insurance - cash payment for other operating expenses

sales revenue for the yesr ending august 31 , 2016 (in millions) = 20400 - 460 - 4800 = $ 15140

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