Determine the operating income


The following is a partial year-end adjusted trial balance.

Account Title Debits Credits
Sales revenue 500,000
Loss on sale of investments 62,000
Interest revenue 8,500
Loss from flood damage (unusual and infrequent) 60,000
Cost of goods sold 260,000
General and administrative expenses 60,000
Restructuring costs 70,000
Selling expenses 35,000
Income tax expense 0

Income tax expense has not yet been accrued. The income tax rate is 40%.

a. Determine the operating income (loss).

b.Determine the income (loss) before any separately reported items.

c.Determine the net income (loss).

 

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Accounting Basics: Determine the operating income
Reference No:- TGS048159

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