SWFT Comprehensive Volume 2019
SWFT Comprehensive Volume 2019
42nd Edition
ISBN: 9780357233306
Author: Maloney
Publisher: Cengage
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finding general account questions.

The following financial information was summarized from the
accounting records of Train Corporation for the current year ended
December 31:
Rails
Locomotive
Corporate
Division
Division
Total
Cost of goods sold
$ 45,300
$31,000
Direct operating
27,700
23,000
expenses
Sales
90,600
66,700
Interest expense
$2,500
General overhead
18,700
4,500
Income tax
The gross profit for the Rails Division is:
a. $17,600
b. $62,900
c. $45,300
d. $90,600
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Transcribed Image Text:The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31: Rails Locomotive Corporate Division Division Total Cost of goods sold $ 45,300 $31,000 Direct operating 27,700 23,000 expenses Sales 90,600 66,700 Interest expense $2,500 General overhead 18,700 4,500 Income tax The gross profit for the Rails Division is: a. $17,600 b. $62,900 c. $45,300 d. $90,600
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