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 $47,700 $29,000 Direct operating expenses 27,100 20,500 Sales 93,300 67,000 Interest expense $2,800 General overhead 18,900 Income tax 4,100 The gross profit for the Rails Division is Oa. $66,200 Оь. S45,600 Oc. $93,300 Od. $18,500

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 $47,700 $29,000 Direct operating expenses 27,100 20,500 Sales 93,300 67,000 Interest expense $2,800 General overhead 18,900 Income tax 4,100 The gross profit for the Rails Division is Oa. $66,200 Оь. S45,600 Oc. $93,300 Od. $18,500

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...

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The gross profit for the Rails Division is

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The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31: RailsDivision LocomotiveDivision CorporateTotal Cost of goods sold $46,700       $29,300       Direct operating expenses 26,400       20,400       Sales 98,200       69,700       Interest expense $2,200       General overhead 19,900       Income tax 4,500       The net income for Train Corporation is a.$73,800 b.$91,900 c.$18,500
The comparative statements of Waterway Company are presented here. Waterway CompanyIncome StatementsFor the Years Ended December 3120222021Net sales$1,813,300 $1,753,100 Cost of goods sold1,008,900 983,000 Gross profit804,400 770,100 Selling and administrative expenses516,800 477,800 Income from operations287,600 292,300 Other expenses and losses Interest expense18,900 14,800 Income before income taxes268,700 277,500 Income tax expense78,224 77,700 Net income$ 190,476 $ 199,800 Waterway CompanyBalance SheetsDecember 31Assets20222021Current assets Cash$60,200 $64,500    Debt investments (short-term)70,600 49,200    Accounts receivable (net)117,800 102,700    Inventory123,600 114,700    Total current assets372,200 331,100 Plant assets (net)602,200 517,900 Total…
The comparative statements of Waterway Company are presented here. Waterway CompanyIncome StatementsFor the Years Ended December 3120222021Net sales$1,813,300 $1,753,100 Cost of goods sold1,008,900 983,000 Gross profit804,400 770,100 Selling and administrative expenses516,800 477,800 Income from operations287,600 292,300 Other expenses and losses Interest expense18,900 14,800 Income before income taxes268,700 277,500 Income tax expense78,224 77,700 Net income$ 190,476 $ 199,800 Waterway CompanyBalance SheetsDecember 31Assets20222021Current assets Cash$60,200 $64,500    Debt investments (short-term)70,600 49,200    Accounts receivable (net)117,800 102,700    Inventory123,600 114,700    Total current assets372,200 331,100 Plant assets (net)602,200 517,900 Total…
Use this information for Train Corporation to answer the question that follow. 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 $28,700 Direct operating expenses 26,600 21,200 Sales 95,400 67,600 Interest expense $2,500 General overhead 18,500 Income tax 4,300 The net income for Train Corporation is Oa. $15,900 Ob. $89,000 Oc. $41,200 Od. $72,600 Previous Next 7:33 PM CP 12/13/2020
The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31: Locomotive Division Cost of goods sold Direct operating expenses Sales Interest expense General overhead. Income tax Rails Division $ 47,200 27,200 108,000 The income from operations for the Rails Division is O $21,150 Ob. $33,600 O $8,700 O d. $60,800 $30,720 20,040 78,000 Corporate Total $2,040 18,160 4,700
What is the Total noncurrent assets?
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 $47,000 $32,000 Direct operating expenses 27,500 21,000 Sales 98,300 65,300 Interest expense $2,900 General overhead 18,400 Income tax 4,400 The net income for Train Corporation is Oa. $10,400 Ob. $36,100 Oc. $84,600 Od. $75,500
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Total noncurrent assets *?