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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 Division Locomotive Division Corporate Total Cost of goods sold $45,300 $31,000 Direct operating expenses 27,700 23,000 Sales 90,600 66,700 Interest expense $2,500 General overhead 18,700 Income tax 4,500 The gross profit for the Rails Division is: a. $17,600 b. $62,900 c. $45,300 d. $90,600

The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31: Rails Division Locomotive Division Corporate Total Cost of goods sold $45,300 $31,000 Direct operating expenses 27,700 23,000 Sales 90,600 66,700 Interest expense $2,500 General overhead 18,700 Income tax 4,500 The gross profit for the Rails Division is: a. $17,600 b. $62,900 c. $45,300 d. $90,600

FINANCIAL ACCOUNTING
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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The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31: Rails Division Locomotive Division Corporate Total Cost of goods sold $45,300 $31,000 Direct operating expenses 27,700 23,000 Sales 90,600 66,700 Interest expense $2,500 General overhead 18,700 Income tax 4,500 The gross profit for the Rails Division is: a. $17,600 b. $62,900 c. $45,300 d. $90,600
Transcribed Image Text:The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31: Rails Division Locomotive Division Corporate Total Cost of goods sold $45,300 $31,000 Direct operating expenses 27,700 23,000 Sales 90,600 66,700 Interest expense $2,500 General overhead 18,700 Income tax 4,500 The gross profit for the Rails Division is: a. $17,600 b. $62,900 c. $45,300 d. $90,600
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