WHAT IS OPERATING INCOME if you prepare from the following information multi step income statement? PREVIOUS EXPERT
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Question:
WHAT IS OPERATING INCOME if you prepare from the following information multi step income statement?
PREVIOUS EXPERT ANSWERED WRONG.
Sales 220 000
Losses 1000 from non operating activities
Gains ?
Cost of goods sold 85 000
Direct labor salaries 90 000
Rent 4500
Interest expense 1000
Utilities 2000
Bad debt provision
Depreciation (8000)
Interest revenue 1000
Company sells old car for 8 000 euro. Over the years, the cost of the car was being depreciated on the company's accounting records (6 000) euro.
Company has issued invoices for a total of 100 000 euro to its customers in a given month, and has a historical experience of 4% bad debts on its billings.
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