Question
You have been given the following information as of December 31, 2020: Sales revenue: $5,900,000 Interest revenue: $40,000 Loss on sale of investments: $10,000 Unrealized
You have been given the following information as of December 31, 2020: Sales revenue: $5,900,000 Interest revenue: $40,000 Loss on sale of investments: $10,000 Unrealized Loss on debt investments: $160,000 Gain on sale of discontinued operations: $260,000 Cost of goods sold: $4,400,000 Selling expense: $400,000 Restructuring costs: $190,000 Interest expense: $20,000 Dividend revenue: $15,000 General and administrative expense: $300,000
The company had 100,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 21%.
Calculate (a) Operating Income (b) Income from Continuing Operations after tax (c) Net Income, and (d) Comprehensive Income.
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