The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31: Rails Division Locomotive Division Corporate Total Cost of goods sold $46,700 $29,300 Direct operating expenses 26,400 20,400 Sales 98,200 69,700 Interest expense $2,200 General overhead 19,900 Income tax 4,500 The net income for Train Corporation is a.$73,800 b.$91,900 c.$18,500
The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31: Rails Division Locomotive Division Corporate Total Cost of goods sold $46,700 $29,300 Direct operating expenses 26,400 20,400 Sales 98,200 69,700 Interest expense $2,200 General overhead 19,900 Income tax 4,500 The net income for Train Corporation is a.$73,800 b.$91,900 c.$18,500
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter5: Accounting For Retail Businesses
Section: Chapter Questions
Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...
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The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31:
Rails Division |
Locomotive Division |
Corporate Total |
|
Cost of goods sold | $46,700 | $29,300 | |
Direct operating expenses | 26,400 | 20,400 | |
Sales | 98,200 | 69,700 | |
Interest expense | $2,200 | ||
General |
19,900 | ||
Income tax | 4,500 |
The net income for Train Corporation is
a.$73,800
b.$91,900
c.$18,500
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