Question
1.36) In 2014, Apple Company had sales of $700,000; cost of sales of $550,000; interest expense of $10,000; and a gain on the sale of
1.36) In 2014, Apple Company had sales of $700,000; cost of sales of $550,000; interest expense of $10,000; and a gain on the sale of a component of $50,000; For its income statement, Apple Company uses the multiple-format. What was Apple's reported pretax income from continuing operations ?
a. $150,000
b. $140,000
c. $ 190,000
d. $200,000
1.44) Apple Company had the following account balances at the end 2019:
Sales Revenue:$500,000
Cost of Goods Sold:$50,000
Supplies Expense: $5,000
Cash:$ 500,000
Accounts Payable: $100,000
Gain on the sale of land :$50,000
Loss from write-down of inventory : $10,000
Required: What amount of net income should be reported on their income statement for the year 2019?
a. $500,000
b. $450,000
c. $445,000
d. $485,000
1.36) In 2014, Apple Company had sales of $700,000; cost of sales of $550,000; interest expense of $10,000; and a gain on the sale of a component of $50,000; For its income statement, Apple Company uses the multiple-format. What was Apple's reported pretax income from continuing operations ?
a. $150,000
b. $140,000
c. $ 190,000
d. $200,000
1.44) Apple Company had the following account balances at the end 2019:
Sales Revenue:$500,000
Cost of Goods Sold:$50,000
Supplies Expense: $5,000
Cash:$ 500,000
Accounts Payable: $100,000
Gain on the sale of land :$50,000
Loss from write-down of inventory : $10,000
Required: What amount of net income should be reported on their income statement for the year 2019?
a. $500,000
b. $450,000
c. $445,000
d. $485,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started