Homework Answers
(a) Other Income and Expense = 67,200
(b) Financing Costs = 16,800
(c) Income Tax = 84,000
(d) Discontinued Operations = 8,400
(e) Other Comprehensive Income = 25,200
Calculations:
| Revenues | 672,000 | |
| Less: Operating Expenses | ||
| Selling and administrative expenses | 420,000 | |
| Other income and expenses | 67,200 | Bal. |
| Income from operations | 184,800 | |
| Less: Financing costs | 16,800 | Bal. |
| Income before income tax | 168,000 | |
| Less: Income Tax | 84,000 | Bal. |
| Income from continuing operations | 84,000 | |
| Less: Discontinued operations | 8,400 | Bal. |
| Net income | 75,600 | |
| Add: Other comprehensive income | 25,200 | Bal. |
| Comprehensive income | 100,800 | |
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