Question
Home Inc. reported the following for 2020: Net sales .......................................................................................... $ 1,500,000 Cost of goods sold ......................................................................... 750,000 Selling and admin expenses ........................................................ 310,000 Loss
Home Inc. reported the following for 2020:
Net sales .......................................................................................... $ 1,500,000
Cost of goods sold ......................................................................... 750,000
Selling and admin expenses ........................................................ 310,000
Loss on disposal of equipment ..................................................... 50,000
Unrealized gain (OCI) on FV-OCI investment (net of tax of $6,000) 14,000
Loss on disposal of discontinued division (net of tax of $9,000) 21,000
Home Inc.s income tax rate is 30%.
On Home Inc.s multiple-step income statement for 2020, Net Income is
Select one: a. $243,000 b. $360,000 c. $252,000 d. $369,000 Clear my choice
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