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Mistys effective tax rate is 40 and there were 1000 shares

Misty Company reported the following before-tax items during the current year:

Sales - $600
Operating expenses - $250
Restructuring charges - $20
Extraordinary loss - $50

Misty's effective tax rate is 40%, and there were 1,000 shares of common stock outstanding:

What would be Misty's income before extraordinary item(s)?

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Accounting Basics: Mistys effective tax rate is 40 and there were 1000 shares

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Accounting Basics: Mistys effective tax rate is 40 and there were 1000 shares

Reference No:- TGS02563088

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