Question: Use the following information to compute income from continuing operations and net

Use the following information to compute income from continuing operations and net income. Assume that the income tax rate on all items is 40%.
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 11,000
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,100
Loss from an unusual but frequent event . . . . . . . . . . . . . (1,000)
Selling and administrative expense . . . . . . . . . . . . . . . . . 1,750
Loss from an unusual and infrequent event . . . . . . . . . . . (400)
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000
Gain from a normal but infrequent event . . . . . . . . . . . . . 1,250
Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700


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  • CreatedApril 07, 2012
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