Computing Income Statement Subtotals The following selected items are taken from the adjusted trial balance...
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Accounting
Computing Income Statement Subtotals
The following selected items are taken from the adjusted trial balance of Dion Inc. at December 31.
Adjusted Trial BalanceSelected AccountsDebitCreditSales revenue$$3,000,000Cost of goods sold1,600,000Selling and administrative expenses900,000Loss on sale of investments50,000Interest revenue15,000
Assuming an income tax rate of 25%, determine the following amounts.
- Use a negative sign only to indicate a loss.
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b. Operating income (loss)
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c. Nonoperating income (loss)
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d. Income tax expense
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e. Net income (loss)
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