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Use the following information for the next three (3) questions: Carlie Company, an investment...

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Accounting

Use the following information for the next three (3) questions:

Carlie Company, an investment entity provided the following data for the current year:

Dividend income from investments 10,000,000

Distribution income from trusts 500,000

Interest income on deposits 700,000

Income from bank treasury bills 100,000

Income from dealing in securities held for trading 600,000

Write-down on securities held for trading 150,000

Other income 250,000

Finance cost 300,000

Administrative staff costs 3,800,000

Sundry administrative costs 1,400,000

Income tax expense 2,000,000

24) What is the total income before tax?

A. 12,000,000 B. 12,150,000 C. 11,750,000 D. 11,550,000

25) What is the total amount of expenses before tax?

A. 7,500,000 B. 5,650,000 C. 5,500,000 D. 7,650,000

26) Under the cash basis revenue are recognized when they are

A. Collected

C. Earned and collected

B. Earned

D. Earned and become measurable

27) Under the accrual basis, revenue are recognized when they are

A. Collected

C. Earned and collected

B. Earned

D. Earned and become measurable

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