4. The trial balance for XYZ Company as of 31/12/2020 indicated the following balances for year 2020: Sales Revenues:$800,000; Dividends revenues $5,000; Sales Returns and allowances $8,000; Cost of Goods Sold $400,000, Selling expenses $70,000; Loss on sale of land $4,000; Interest expenses 15,000; Administrative and General Expenses $90,000; Loss on discounted operations $60,000; tax rate 20%. Calculate the net income for year 2020?
4. The trial balance for XYZ Company as of 31/12/2020 indicated the following balances for year 2020: Sales Revenues:$800,000; Dividends revenues $5,000; Sales Returns and allowances $8,000; Cost of Goods Sold $400,000, Selling expenses $70,000; Loss on sale of land $4,000; Interest expenses 15,000; Administrative and General Expenses $90,000; Loss on discounted operations $60,000; tax rate 20%. Calculate the net income for year 2020?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:4. The trial balance for XYZ Company as of
31/12/2020 indicated the following balances
for year 2020:
Sales Revenues:$800,000; Dividends
revenues $5,000; Sales Returns and
allowances $8,000; Cost of Goods Sold
$400,000, Selling expenses $70,000; Loss
on sale of land $4,000; Interest expenses
15,000; Administrative and General
Expenses $90,000; Loss on discounted
operations $60,000; tax rate 20%.
Calculate the net income for year 2020?
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