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Question

New TabxCANX ttps://k-state.instructure.com/courses/51070/quizzes/137120/take a DQuestion 1 e 1 pts ABC Company has the following information available on December 31, 2017. The tax rate is 25%. $6,000 Salaries Interest Expense Interest Revenue Administrative Salaries Salaries $240,000 $16000 Cash $200.000 Revenue $3,000,000 Paid Discounts $50.000 Depreciation (40% selling: 60% administrative) Cost of Goods Sold Sales Returns & Allowances Loss on Sale of South American Division $70,000 Gain on Sale of Equipment Which of the below is the correct date of the Income Statement that ABC would prepare? $60,000 Dividends $1,700,000 Sales $30,000 $84,000 O Neither of the choices O For the Year Ended December 31, 2017 O Either of the choices . At December 31. 2017 1 pts D I Question 2 813PM 4x 4/2/2018

Explanation / Answer

Q1. Answer is For the year ending December31, 2017 Q2. Answer is $2920,000 Explanation: Gross sales 3,000,000 LesS; Sales return 30,000 Less: Discount 50,000 net sales 2,920,000 Q3. Answer is $1220,000 Explanation: Net sales: 2,920,000 Less: Cost of Goods sold 1,700,000 Gross profit 1,220,000 Q4. Answer is $500,000 Explanation: Operating expense: Admin Slaries 200,000 Depreciation 60000 Sales salaries 240000 Operating expense: 500,000

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