Business, 03.04.2021 03:30 Lalagrl

Cullumber Company's trial balance of income statement accounts for the year ended December 31, 2017 included the following: Debit Credit
Sales revenue $283000
Cost of goods sold $174000
Administrative expenses 38000
Loss on disposal of equipment 17900
Commissions to salespersons 16700
Interest revenue 9800
Freight-out 6000
Loss from discontinued operations 23200
Bad debt expense 5800
Totals $281600 $292800
Other information:
Cullumber's income tax rate is 40%. Finished goods inventory:
January 1, 2017 $158600
December 31, 2017 138000
On Cullumber's multiple-step income statement for 2017, Income from continuing operations is:.
a. $66500.
b. $20640.
c. $6720.
d. $34600.

Answers: 2

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Cullumber Company's trial balance of income statement accounts for the year ended December 31, 2017...