The following information relates to R & B Inc. Sales Revenue $250,000 Cost of Goods Sold (COGS) $170,000 Interest Revenue $9,000 Operating Expenses $45,000 Sales Discounts $18,000 Sales Returns & Allowances $7,000 What is the net income of R & B Inc.?

The following information relates to R & B Inc. Sales Revenue $250,000 Cost of Goods Sold (COGS) $170,000 Interest Revenue $9,000 Operating Expenses $45,000 Sales Discounts $18,000 Sales Returns & Allowances $7,000 What is the net income of R & B Inc.?

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 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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Question

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The following information relates to R & B Inc.
Sales Revenue
$250,000
Cost of Goods Sold (COGS) $170,000
Interest Revenue
$9,000
Operating Expenses
$45,000
Sales Discounts
$18,000
Sales Returns & Allowances $7,000
What is the net income of R & B Inc.?

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Sub. GENERAL ACCOUNT