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ss7ja [257]
3 years ago
15

The following information was extracted from the 2020 financial statements of Max Company: Income from continuing operations bef

ore income tax $705,000 Selling and administrative expenses 480,000 Income from continuing operations 495,000 Gross profit 1,350,000 The amount reported for other expenses and losses is
a. $210,000
b. $15,000.
c. $165,000.
d. $225,000.
Business
1 answer:
Bezzdna [24]3 years ago
5 0

Answer:

c. $165,000.

Explanation:

Gross profit $1,350,000

Selling and administrative expenses $480,000

Income from continuing operations before income tax $705,000

Income from continuing operations 495,000

Total Expenses = Gross Profit - Income from continuing operations before income tax

Total Expenses = $1,350,000 - $705,000 = $645,000

Other Expenses = Total Expenses - Selling and administrative expenses

Other Expenses = $645,00 - $480,000 = $165,000

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Answer: False

Explanation:

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6 0
2 years ago
If the physical count of inventory showed $158,000 of inventory on hand and the inventory records reported $163,000, what would
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Answer:

C. Debit Cost of goods Sold $5,000;

Credit Inventory $5,000

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Preparation of the necessary adjusting entry to record inventory shrinkage

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Debit Cost of goods Sold $5,000

(163,000-158,000)

Credit Inventory $5,000

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3 years ago
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