**Question 15**LeGrand Corporation reported the following amounts in its income statement:- **Sales revenue**: $440,000- **Advertising expense**: $60,000- **Interest expense**: $10,000- **Salaries expense**: $55,000- **Utilities expense**: $25,000- **Income tax expense**: $45,000- **Cost of goods sold**: $180,000**Question**: What was LeGrand's operating income?

Name: **Question 15**LeGrand Corporation reported the following amounts in
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Description: **Question 15**LeGrand Corporation reported the following amounts in its income statement:- **Sales revenue**: $440,000- **Advertising expense**: $60,000- **Interest expense**: $10,000- **Salaries expense**: $55,000- **Utilities expense**: $25,000-

Interest expense and income tax expense are not operating expenses. Sales - Cost of goods sold = Gross profit Gross profit - Operating expenses = Operating income Gross profit = Sales - Cost of goods sold Gross profit = $440,000 - $180,000 Gross profit = $260,000 Operating income = Gross profit - Operating expenses Operating income = $260,000 - $60,000 - $55,000 - $25,000 Operating income = $120,000

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LeGrand Corporation reported the following amounts in its income statement: Sales revenue Advertising expense Interest expense Salaries expense Utilities expense Income tax expense Cost of goods sold What was LeGrand's operating income? 440,000 60.000 10,000 55,000 25,000 45.000 180,000

LeGrand Corporation reported the following amounts in its income statement: Sales revenue Advertising expense Interest expense Salaries expense Utilities expense Income tax expense Cost of goods sold What was LeGrand's operating income? 440,000 60.000 10,000 55,000 25,000 45.000 180,000

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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