Assignments: 18WF-ACCh. 4 HW x C Chegg Study | GuidedHomework G 99% confidence l

Question

Assignments: 18WF-ACCh. 4 HW x C Chegg Study | GuidedHomework G 99% confidence level. summerfield Apartmen | + C https://newconnect.mheducation.com/flow/connect.html Ch. 4 HW G Saved Help Save & Exit Submit Check my work The following is a partial year-end adjusted trial balance Account Title Sales revenue Loss on sale of investments Interest revenue Cost of goods sold General and administrative expenses Restructuring costs Selling expenses Income tax expense Debits Credits 470,808 56,080 points 7,080 245,800 57,800 67,800 33,500 eBook Print Income tax expense has not yet been recorded. The income tax rate is 40%. a. Determine the operating income (loss). b. Determine the income (loss) before income taxes. c. Determine the net income (loss). a. Operating income (loss) b. Income (oss)before income taxes C. Net income (loss) Mc Graw Prev 1of3 Next >

Explanation / Answer

Calculate Following :

a) Operating income (loss) = $67500

b) Income (loss) Before income taxes = $18500

c) Net income (loss) = $11100

Sales 470000 Less:Cost of goods sold -245000 Gross profit 225000 Less: General and administrative expense 57000 Less: Restructuring cost 67000 Less:Selling expense 33500 Total operating expense -157500 Operating income 67500 Interest revenue 7000 Loss on sale of investment -56000 -49000 Income before tax 18500 Income tax -7400 Net income 11100

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