Using the following information, compute NET INCOME. Cost of Goods Sold $ 6,000
ID: 2498711 • Letter: U
Question
Using the following information, compute NET INCOME.
Cost of Goods Sold $ 6,000
Interest Expense 1,100
Selling and Administrative Expense 750
Cash 400
Sales 10,000
Accrued Wages Payable 250
Dividends 700
Retained Earnings (beginning) 1,000
Income Tax Expense 1,200
$1,350
$950
$1,700
$700
$1,950
$1,350
$950
$1,700
$700
$1,950
Explanation / Answer
Therefore, the Net inocme is $950.
Therefore, the correct answer is option B.
Compute the Net Income Particulars Amount($) Sales 10000 Less: Cost of Goods sold -6000 Gross profit 4000 Less: Interest Expense -1100 Selling and distribution expense -750 Income tax Expense -1200 Net Income 950Related Questions
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