The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31: Rails Locomotive Corporate Division Division Total Cost of goods sold $47,000 $32,000 Direct operating expenses 27,500 21,000 Sales 98,300 65,300 Interest expense $2,900 General overhead 18,400 Income tax 4,400 The net income for Train Corporation is Oa. $10,400 Ob. $36,100 Oc. $84,600 Od. $75,500
The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31: Rails Locomotive Corporate Division Division Total Cost of goods sold $47,000 $32,000 Direct operating expenses 27,500 21,000 Sales 98,300 65,300 Interest expense $2,900 General overhead 18,400 Income tax 4,400 The net income for Train Corporation is Oa. $10,400 Ob. $36,100 Oc. $84,600 Od. $75,500
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 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...
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![The following financial information was summarized from the accounting records of Train
Corporation for the current year ended December 31:
Rails
Locomotive
Corporate
Division
Division
Total
Cost of goods sold
$47,000
$32,000
Direct operating expenses
27,500
21,000
Sales
98,300
65,300
Interest expense
$2,900
General overhead
18,400
Income tax
4,400
The net income for Train Corporation is
Oa. $10,400
Ob. $36,100
Oc. $84,600
Od. $75,500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F67ef751d-22da-4603-8c9c-c6a26374c981%2F054f110a-a335-4b90-a116-17bb81ccecea%2F9kz1olc.jpeg&w=3840&q=75)
Transcribed Image Text:The following financial information was summarized from the accounting records of Train
Corporation for the current year ended December 31:
Rails
Locomotive
Corporate
Division
Division
Total
Cost of goods sold
$47,000
$32,000
Direct operating expenses
27,500
21,000
Sales
98,300
65,300
Interest expense
$2,900
General overhead
18,400
Income tax
4,400
The net income for Train Corporation is
Oa. $10,400
Ob. $36,100
Oc. $84,600
Od. $75,500
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