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 TotalCost of goods sold$45,400 $28,200 Direct operating expenses27,600 22,400 Sales99,800 66,800 Interest expense $2,000 General overhead 18,100 Income tax 4,200 The gross profit for the Locomotive Division is

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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	$45,400	$28,200
Direct operating expenses	27,600	22,400
Sales	99,800	66,800
Interest expense			$2,000
General overhead			18,100
Income tax			4,200

The gross profit for the Locomotive Division is

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