Homework Answers
| Income Statement | |
| Revenue | 865 |
| Cost of goods sold | -263 |
| Gross profit | 602 |
| Operating expenses: | |
| Administrative expense | -231 |
| Selling expense | -124 |
| Income from continuing operations | 247 |
2nd option is correct option.
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The following data include all the elements from Tuche Millinery income statement: $231 263 Administrative Expense...
Question Help The following data include all the elements from Tuche Millinery's income statement Administrative Expense...
Question Help The following data include all the elements from Tuche Millinery's income statement Administrative Expense $224 Gain on Sale of Securities 50 Income Tax Expense Loss on Discontinued Operations Disposal of Equipment 52 38 Revenue 856 Selling Expense 124 What is the amount of operating income for Tuche Millinery? O A $200 O B. $257 O C. $605 O D. $381
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following items (before considering income taxes).
1. An unrealized loss of $86,000 on available-for-sale
securities
2. A gain of $32,000 on the discontinuance of a division
(comprised of a $18,000 loss from operations and a $50,000 gain on
disposal).
3. A correction of an error in last year’s financial statements
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reports income before income taxes $504,000, income taxes $176,400
(not including unusual items), loss on operation of discontinued
music division $55,000, gain on disposal of discontinued music
division $36,000, and unrealized loss on available-for-sale
securities $151,000. The income tax rate is 35%.
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income taxes.
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Trayer Corporation has income from continuing operations of
$256,000 for the year ended December 31, 2017. It also has the
following items (before considering income taxes).
1. An unrealized loss of $86,000 on available-for-sale
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(comprised of a $18,000 loss from operations and a $50,000 gain on
disposal).
3. A correction of an error in last year’s financial statements
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