MBBL has the following items of income and expense from its first year of operations: Revenues...

 

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MBBL has the following items of income and expense from its first year of operations: Revenues 150,000 Cost of goods sold 60,000 Wages paid 25,000 Meals expense 1,500 Depreciation 8,000 Interest income 3,000 Long-term capital gains 2,000 Short-term capital losses 800 Compute MBL's ordinary business income and list its separately stated items. MBBL has the following items of income and expense from its first year of operations: Revenues 150,000 Cost of goods sold 60,000 Wages paid 25,000 Meals expense 1,500 Depreciation 8,000 Interest income 3,000 Long-term capital gains 2,000 Short-term capital losses 800 Compute MBL's ordinary business income and list its separately stated items.

Answer rating: 100% (QA)

SNo Particulars Amount 1 Revenue 150000 2 Interest Income 3000 Total Re... View the full answer