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Golden Corp.'s records show the following information at its December 31 accounting year-end. $810,000 Interest expense 36,000 Loss on sale of patent Sales revenue
Golden Corp.'s records show the following information at its December 31 accounting year-end. $810,000 Interest expense 36,000 Loss on sale of patent Sales revenue Gain on sale of investment Selling expenses General and administrative expense 117,000 63,000 Cost of goods sold $18,000 5,400 540,000 Using the information above, compute the following subtotals that are shown in a multiple-step income statement. Assume an income tax rate of 25%. a. Gross profit d. Income tax expense b. Operating income e. Net income cIncome before income taxes Compute the following subtotals that are shown in a single-step income statement. Assume an income tax rate of 25%. d. Income tax expense a. Total revenues and gains b. Total expenses and losses e. Net income c. Income before income taxes
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