An income statement shows \"incomebefore income taxes and extraordinary items\"

Question

An income statement shows "incomebefore income taxes and extraordinary items" in the amount of$2,055,000. The income taxes payable for the year are$1,080,000, including $360,000 that is applicable to anextraordinary gain. Thus, the "income before extraordinaryitems" is (Points: 1)
      $1,335,000.
       $615,000.
       $1,395,000.
       $675,000.

Which of the following is nota selling expense? (Points: 1)
       Advertising expense
       Office salaries expense
       Freight-out
       Store supplies consumed

Explanation / Answer

1. 1,335,000 Explanation 2,055,000-720,000 =1,335,000                                                                           1,080,000-360,000=720,000 2. Store supplies consumed.

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