s://k-state.instructure.com/courses/51070/quizzes/137120/take D Question 5 1 pts
ID: 2508810 • Letter: S
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s://k-state.instructure.com/courses/51070/quizzes/137120/take D Question 5 1 pts ABC Company has the following information available on December 31, 2017. The tax rate is 25%. Sales $6.000 Salaries $6,000 16,000 Cash $200,000 Interest Expense Interest Revenue $200,000 Sales Revenue $3,000o Administrative Salaries Dividends $48,000 Paid Sales Discounts Depreciation (40% selling: 60% administrative) Cost of Goods Sold Sales Returns & Allowances Loss on Sale of South American Division $70,000 Gain on Sale of Equipment What is the amount of Other Revenues & Gains that ABC would report on its Income Statement? $1,700,000 $50,000 $30,000 $84,000 $16,000 o $100,000 $10,000 O $94,000 D | Question 6 1 pts Refer to the information set above. If ABC reports Income from Continuing Operations before Taxes of $814,000, what item would be listed next (below 8:14PMExplanation / Answer
As per Chegg policy, I am only answering the first MCQ. Please post rest questions separately.
5. Other Revenues and Gains in the income statement represents the income received apart from the core operations of the company.
Amount to be reported = Interest Revenue + Gain on sale of equipment
= 16000+84000
=100,000
Therefore the correct option is $100,000
6 ) In a multiple step income statement, the item to be presented after continuing operations before taxes is tax expense.
Thereofre the correct option is Income tax expense of $203,500 would be subtracted.
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