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SWFT Comprehensive Vol 2020

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter22: S Corporations

Section: Chapter Questions

Problem 16CE

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Can you help me solve this general accounting problem using the correct accounting process?

The following financial information was summarized from the accounting
records of Midwest Transit Co. for the current year ended December 31:
Bus Division Railcar Division Corporate Total
Net Sales
$120,000
$95,000
Cost of Goods Sold
$56,000
$41,000
Direct Operating Expenses $31,000
$22,000
Interest Expense
$2,600
General Overhead
||$20,800
Income Tax
What is the income from operations for the Bus Division?
$5,100

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