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 $45,200 $30,600 Direct operating expenses 27,000 22,300 Sales 95,800 69,400 Interest expense $2,000 General overhead 18,800 Income tax 4,500 The gross profit for the Locomotive Division is
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 $45,200 $30,600 Direct operating expenses 27,000 22,300 Sales 95,800 69,400 Interest expense $2,000 General overhead 18,800 Income tax 4,500 The gross profit for the Locomotive Division is
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 | $45,200 | $30,600 | |
| Direct operating expenses | 27,000 | 22,300 | |
| Sales | 95,800 | 69,400 | |
| Interest expense | $2,000 | ||
| General |
18,800 | ||
| Income tax | 4,500 |
The gross profit for the Locomotive Division is
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