The following is a partial year-end adjusted trial balance. Account Title Debits Credits Sales revenue 300,000 22,000 Loss on sale of investments Interest revenue 4,000 Cost of goods sold General and administrative expenses 160,000 40,000 Restructuring costs Selling expenses Income tax expense 50,000 25,000

Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 32BEB
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Income tax expense has not yet been recorded. The income tax rate is 40%. Determine the following: (a) operating income (loss), (b) income (loss) before income taxes, and (c) net income (loss).

The following is a partial year-end adjusted trial balance.
Account Title
Debits
Credits
Sales revenue
300,000
22,000
Loss on sale of investments
Interest revenue
4,000
Cost of goods sold
General and administrative expenses
160,000
40,000
Restructuring costs
Selling expenses
Income tax expense
50,000
25,000
Transcribed Image Text:The following is a partial year-end adjusted trial balance. Account Title Debits Credits Sales revenue 300,000 22,000 Loss on sale of investments Interest revenue 4,000 Cost of goods sold General and administrative expenses 160,000 40,000 Restructuring costs Selling expenses Income tax expense 50,000 25,000
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