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In 2015, March Co. had sales of $300,000, cost of goods sold of $160,000, purchase returns...

In 2015, March Co. had sales of $300,000, cost of goods sold of $160,000, purchase returns of $25,000, selling and operating expenses of $20,000, a loss on the sale of equipment of $20,000, a gain on the disposal of a business segment of $10,000. What should March report as its income from continuing operations, before taxes?

Select one:

a. $100,000

b. $75,000

c. $85,000

d. $135,000

e. $110,000

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Answer #1

Calculate income from continuing operation

Sales 300000
Cost of goods sold 160000
Selling and operating expense 20000
Loss on sale of equipment 20000
Total expense 200000
Income from continuing operation 100000

So answer is a) $100000

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