14. The following is a partial year-end adjusted trial balance. Account Title Debits Sales revenue Credits...

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14. The following is a partial year-end adjusted trial balance. Account Title Debits Sales revenue Credits $300,000 Loss on sale of investments $22,000 Interest revenue $4,000 Cost of goods sold $160,000 General and administrative expense $ 40,000 Restructuring costs $ 50,000 Selling expense $ 25,000 ? Income tax expense Income tax expense has not yet been recorded. The income tax rate is 25%. Determine the following: (a) operating income (loss), (b) income (loss) before income taxes, and (c) net income (loss). 14. The following is a partial year-end adjusted trial balance. Account Title Debits Sales revenue Credits $300,000 Loss on sale of investments $22,000 Interest revenue $4,000 Cost of goods sold $160,000 General and administrative expense $ 40,000 Restructuring costs $ 50,000 Selling expense $ 25,000 ? Income tax expense Income tax expense has not yet been recorded. The income tax rate is 25%. Determine the following: (a) operating income (loss), (b) income (loss) before income taxes, and (c) net income (loss).

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Operating income loss is calculated by subtracting total debits from total credits excluding inc... View the full answer