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Using the following information, compute net income. Cost of goods sold Interest expense $6,000 1,100 Selling and administrative expense 750 Cash 400 Sales 10,000 Wages payable 250 Dividends 700 Retained earnings (beginning) 1,000 Income tax expense 1,200 a. $1,700. b. $1,350. c. $1,950. d. $700. e. $950.

Using the following information, compute net income. Cost of goods sold Interest expense $6,000 1,100 Selling and administrative expense 750 Cash 400 Sales 10,000 Wages payable 250 Dividends 700 Retained earnings (beginning) 1,000 Income tax expense 1,200 a. $1,700. b. $1,350. c. $1,950. d. $700. e. $950.

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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Using the following information, compute net income. Cost of goods sold Interest expense $6,000 1,100 Selling and administrative expense 750 Cash 400 Sales 10,000 Wages payable 250 Dividends 700 Retained earnings (beginning) 1,000 Income tax expense 1,200 a. $1,700. b. $1,350. c. $1,950. d. $700. e. $950.
Transcribed Image Text:Using the following information, compute net income. Cost of goods sold Interest expense $6,000 1,100 Selling and administrative expense 750 Cash 400 Sales 10,000 Wages payable 250 Dividends 700 Retained earnings (beginning) 1,000 Income tax expense 1,200 a. $1,700. b. $1,350. c. $1,950. d. $700. e. $950.
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