O Given Gross Margin of $212,000, Cost of Goods Sold of $544,000, Sales of $756,000 and net income of$65,000 what is Selling, General and Administrative expense8$147.0006. $132,000c. $156,000d. $488,000e. $212,000

solution: Net income is calculated by deducting selling, general and administrative expenses from…

Answered: D00 what is Selling, General and…

Business

Accounting

D00 what is Selling, General and Administrative expense 147.000 $132,000 $156,000 $488,000 $212,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

O Given Gross Margin of $212,000, Cost of Goods Sold of $544,000, Sales of $756,000 and net income of
$65,000 what is Selling, General and Administrative expense
8$147.000
6. $132,000
c. $156,000
d. $488,000
e. $212,000

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