Operating expenses were $139,000; Gross profit was $710,000; Cost of goods sold

Question

Operating expenses were $139,000; Gross profit was $710,000; Cost of goods sold was $510,000 Interest expense was $21,000; Extraordinary loss was $31,000; Income tax expense was $207,600. What was Nellie's income before taxes? $550,000. $71,000. $342,400. $571,000. $550,000. $71,000. $342,400. $571,000. Operating expenses were $139,000; Gross profit was $710,000; Cost of goods sold was $510,000 Interest expense was $21,000; Extraordinary loss was $31,000; Income tax expense was $207,600. What was Nellie's income before taxes?

Explanation / Answer

Hi,

Please find the answer as follows:

Income Before Taxes = 710000 - 139000 - 21000 = 550000

Option A is the correct answer.

Thanks.

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