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just need help with solving c. thank you Computing Income Statement Subtotals The following selected items are taken from the adjusted trial balance of Dion
just need help with solving c. thank you
Computing Income Statement Subtotals The following selected items are taken from the adjusted trial balance of Dion Inc. at December 31, 2020. Selected Accounts Sales revenue Cost of goods sold Selling and administrative expenses Loss on sale of investments Adjusted Trial Balance Debit Credit $ $3,000,000 1,600,000 900,000 50,000 15,000 Interest revenue Assuming an income tax rate of 25%, determine the following amounts. Use a negative sign only to indicate a loss. Item Amount a. Gross profit $ b. Operating income (loss) $ C. Nonoperating income (loss) $ d. Income tax expense $ e. Net income (loss) $ 1,400,000 500,000 450,000 x 116,250 348,750Step by Step Solution
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