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ABC Store's data: ⚫ ⚫ Sales revenue: $120,000 COGS: $75,000 Operating expenses: $10,000 Interest income: $5,000 ⚫ Loss on sale of equipment: $2,000 Calculate net income. a) $38,000 b) $35,000 c) $40,000 d) $42,000

ABC Store's data: ⚫ ⚫ Sales revenue: $120,000 COGS: $75,000 Operating expenses: $10,000 Interest income: $5,000 ⚫ Loss on sale of equipment: $2,000 Calculate net income. a) $38,000 b) $35,000 c) $40,000 d) $42,000

Intermediate Accounting: Reporting And Analysis
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 2MC: The following information is available for Cooke Company for the current year: The gross margin is...
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Calculate net income

ABC Store's data: ⚫ ⚫ Sales revenue: $120,000 COGS: $75,000 Operating expenses: $10,000 Interest income: $5,000 ⚫ Loss on sale of equipment: $2,000 Calculate net income. a) $38,000 b) $35,000 c) $40,000 d) $42,000
Transcribed Image Text:ABC Store's data: ⚫ ⚫ Sales revenue: $120,000 COGS: $75,000 Operating expenses: $10,000 Interest income: $5,000 ⚫ Loss on sale of equipment: $2,000 Calculate net income. a) $38,000 b) $35,000 c) $40,000 d) $42,000
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