7:43 LTE docs.google.com Hogan Corp.'s trial balance of income statement accounts for the year ended December 31, 2007 included the following: Debit Credit Sales $140,000 Cost of sales $ 50.000 Administrative expenses 25,000 Loss on sale of equipment 9,000 Commissions to salespersons 8,000 Interest revenue 5,000 Freight-out 3,000 Loss due to earthquake damage 12,000 Bad debt expense 3,000 Totals $110.000 $145.000 Other information: Hogan's income tax rate is 30%. Finished goods inventory: January 1, 2007 $80,000 December 31, 2007 70,000 On Hogan's multiple-step income statement for 2007, Extraordinary loss is 1 point $8,400. $14,700. $12,000. $21,000. Income before extraordinary item is * 1 point K + .. 7:43 LTE docs.google.com Income before extraordinary item is 1 point $64,000. $47,000. $32,900. $24,500. Cost of goods manufactured is * 1 point $63,000. $60,000. $40,000. $43,000. Page 4 of 12 Back Next Clear form Never submit passwords through Google Forms. This form was created inside of The National Teachers College. Report Abuse Google Forms 7:43 LTE docs.google.com Hogan Corp.'s trial balance of income statement accounts for the year ended December 31, 2007 included the following: Debit Credit Sales $140,000 Cost of sales $ 50.000 Administrative expenses 25,000 Loss on sale of equipment 9,000 Commissions to salespersons 8,000 Interest revenue 5,000 Freight-out 3,000 Loss due to earthquake damage 12,000 Bad debt expense 3,000 Totals $110.000 $145.000 Other information: Hogan's income tax rate is 30%. Finished goods inventory: January 1, 2007 $80,000 December 31, 2007 70,000 On Hogan's multiple-step income statement for 2007, Extraordinary loss is 1 point $8,400. $14,700. $12,000. $21,000. Income before extraordinary item is * 1 point K + .. 7:43 LTE docs.google.com Income before extraordinary item is 1 point $64,000. $47,000. $32,900. $24,500. Cost of goods manufactured is * 1 point $63,000. $60,000. $40,000. $43,000. Page 4 of 12 Back Next Clear form Never submit passwords through Google Forms. This form was created inside of The National Teachers College. Report Abuse Google Forms
