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XYZ, Inc. partial trial balance for the year ended December 31, 20X1 is shown below: Assuming the company pays 30% tax, what amount would XYZ,
XYZ, Inc. partial trial balance for the year ended December 31, 20X1 is shown below:
Assuming the company pays 30% tax, what amount would XYZ, Inc. report as Income After Income Taxes from Continuing Operations?
Accounts Debit Credit Accounts payable 275,000 Notes payable $ 85,000 Administrative salaries 70,000 Advertising Expense 85,000 Cash 155,000 Common stock 185,000 Cost of Goods Sold 250,000 Freight out 35,000 Interest revenue 25,000 Inventory 360,000 Loss on early extinguishment of long-term debt 20,000 Loss on sale of machinery 100,000 Notes receivable 120,000 Retained earnings 90,000 Sales 600,000 Sales salaries 55,000 Uncollectible accounts expense 10,000 1,260,000 1,260,000Step by Step Solution
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