SNOW WHITE AND THE SEVEN DWARFS BY ANNE SEXTON
Answer:
Net Income $66100
Explanation:
<u>Racine Furnishings Company </u>
<u>Multi Step Income Statement </u>
<u>For the Year Ended March 31, 2019</u>
Sales 6,126,850
Cost of Merchandise Sold 3,965,850
Gross Profit 2161000
Less Operating Expenses
Depreciation $747,950
Supplies Expense ( 87000- 20650) 66350
Salaries Expense 7,700
Selling Expenses 717,650
Administrative Expenses 545,700
Operating Income 75,650
Other Expenses
Interest Expense 9,550
Net Income $66100
From the sales cost of merchandise sold is subtracted to get the gross profit. The operating expenses are subtracted from the gross profit to get the operating income. Other expenses such as interest expense is subtracted to get the net income.
Huhreuihrfhrfhuhuihuihhuweuiedhuiwehuidhuiehduidhweiuhdwiuhweuidhuiwdhuwedhuiehduiedhuiedhuiedhuiedhuiedhuiwehuieded
Answer:
$40,000
Explanation:
Calculation to determine What amount of capital gain income will N recognize related to this distribution
Using this formula
N Capital gain income=N stock basis- M distribution
Let plug in the formula
N Capital gain income=$100,000-$60,000
N Capital gain income=$40,000
Therefore The amount of capital gain income that N will recognize related to this distribution is $40,000
