Given the information above, and assuming that Lindsey's total operating expenses (exclusive of cost of goods sold) are $40,000, pretax income is? Lindsey Corporation had the following account balances:Sales revenue$200,000Beginning inventory40,000Purchases80,000Purchase discounts3,000Freight-in1,000Ending inventory30,000Purchase returns and allowances2,000Given the information above, and assuming that Lindsey's total operating expenses (exclusive of costgoods sold) are $40,000, pretax income isOa. $110,00o.Ob. $114,000.Oc. $46,000.d. $74,000.

Cost of goods sold = Beginning inventory + Purchases - Purchase returns and allowances - Purchase…

Answered: Given the information above, and…

Given the information above, and assuming that Lindsey's total operating expenses (exclusive of cost of goods sold) are $40,000, pretax income is?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

100%

Given the information above, and assuming that Lindsey's total operating expenses (exclusive of cost of goods sold) are $40,000, pretax income is?

Lindsey Corporation had the following account balances:
Sales revenue
$200,000
Beginning inventory
40,000
Purchases
80,000
Purchase discounts
3,000
Freight-in
1,000
Ending inventory
30,000
Purchase returns and allowances
2,000
Given the information above, and assuming that Lindsey's total operating expenses (exclusive of cost
goods sold) are $40,000, pretax income is
Oa. $110,00o.
Ob. $114,000.
Oc. $46,000.
d. $74,000.

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