Lindon Company provided the following information for the current year: Sales-P7,000,000 Sales returns and allowances - P100,000 Cost of goods sold - P2,800,000 Utilities expense - P1,000,000 Interest income - P150,000 Income tax expense - P800,000 Loss due to earthquake - P50,000 Interest expense - P200,000 Salaries expense - P600,000 Loss on sale of investments - P50,000 What amount should be reported as income from continuing operations? A) P1,400,000 B) P1,600,000 P1,550,000 I P2,350,000

Lindon Company provided the following information for the current year: Sales-P7,000,000 Sales returns and allowances - P100,000 Cost of goods sold - P2,800,000 Utilities expense - P1,000,000 Interest income - P150,000 Income tax expense - P800,000 Loss due to earthquake - P50,000 Interest expense - P200,000 Salaries expense - P600,000 Loss on sale of investments - P50,000 What amount should be reported as income from continuing operations? A) P1,400,000 B) P1,600,000 P1,550,000 I P2,350,000

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 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...

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