The Callie Company has provided the following information: Operating expenses were $235,000; Cost of goods sold...
The Callie Company has provided the following information:
Operating expenses were $235,000;
Cost of goods sold was $320,000;
Net sales were $850,000;
Interest expense was $38,000;
Gain on sale of a building was $75,000;
Income tax expense was $66,400.
What was Callie’s income from operations (operating income)?
Homework Answers
Income from operations = Net sales - Cost of goods sold - Operating expenses
Income from operations = $850,000 - $320,000 - $235,000
Income from operations = $295,000
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The Callie Company has provided the following information:
Operating expenses were $235,000;
Cost of goods sold...
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Selling expenses
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Cash dividends declared
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Cost of goods sold
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Loss on discontinued operations
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Income tax applicable to continuing operations
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Selling expenses
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Cost of goods sold
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Loss on discontinued operations
110,000
Rent revenue
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Income tax applicable to continuing operations
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Income tax benefit applicable to loss on discontinued
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Income tax applicable to unrealized holding gain on
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Merchandise Sales (gross revenue) on Credit
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Office Expenses
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Sales Returns and Allowances
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Salaries and Wages Expense
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