Exam (elaborations)
Income Statement with 100%correct answers
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A company's activities for year two included the following: Gross sales $3,600,000 Cost of goods sold 1,200,000 Selling and administrative expense 500,000 Adjustment for a prior-year understatement of amortization expense 59,000 Sales returns 34,000 Gain on sale of available-for-sale securities 8,000 Gain on disposal of a discontinued business segment 4,000 Unrealized gain on available-for-sale securities 2,000 The company has a 30% effective income tax rate. What is the company's net income for year two? A. $1,267,700 B. $1,273,300 C. $1,314,600 D. $1,316,000 - C. $1,314,600
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income statement with 100correct answers
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