The Willie Company has provided the following information: Operating expenses were $395,000; Income from operations was $240,000; Net sales were $1,000,000; Interest expense was $83,000; Loss from sale of investments was $91,000; Income tax expense was $47,100. What was Willie's income before taxes? Group of answer choices $157,000. $66,000. $240,000. $383,900.

What was Willie's income before taxes?

Group of answer choices

$157,000.

$66,000.

$240,000.

$383,900.

2. Which is the correct order of the following steps in the accounting cycle?

Group of answer choices

Prepare nancial statements, journalize and post adjusting entries, journalize and post the closing entries, and prepare a post-closing trial balance.

Prepare an unadjusted trial balance, journalize and post adjusting entries, journalize and post the closing entries, and prepare nancial statements.

Journalize and post adjusting entries, journalize and post the closing entries, prepare nancial statements, and prepare an adjusted trial balance.

Prepare an unadjusted trial balance, journalize and post adjusting entries, prepare nancial statements, and journalize and post the closing entries

3.

During 2019, Zigma Company earned service revenue amounting to $720,000, of which $605,000 was collected in cash; the balance will be collected in January 2020. Also in 2019, there were collections of cash prior to the delivery of goods/services totaling $10,800. What amount should the 2019 income statement report for service revenue?

Group of answer choices

$720,000

$115,000

$590,000

$605,000