Question
Businesses results from last year ending 12/31: Sales: $200,000 Income Tax Expense: $5,000 COGS: $40,000 Operating Expense: $15,000 This Year on 12/31: Paid Liability insurance
Businesses results from last year ending 12/31:
Sales: $200,000
Income Tax Expense: $5,000
COGS: $40,000
Operating Expense: $15,000
This Year on 12/31: Paid Liability insurance policy: $9,000 (coverage for next year).
Company net income is for this year is:___________.
Show your work and explain your answer.
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Advanced Management Accounting
Authors: Maurice L. Hirsch Jnr.
2nd Edition
1861526768, 978-1861526762
