Question: Please explain why my answer is wrong? A company had the following balances: Sales $200,000 Cost of Goods Manufactured $175,000 Cost of Goods Sold $130,000

Please explain why my answer is wrong?

A company had the following balances:

Sales $200,000

Cost of Goods Manufactured $175,000

Cost of Goods Sold $130,000

Selling Expense $28,000

General and Admin Expenses $30,000

Direct Labor $60,000

Calculate the Net Income.

Someone explain why my answer of $100,000 is wrong

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

question 1 Balance sheet data 2005 2004 Accounts receivable $ 36,000 $ 42,000 Inventories 28,000 25,000 Accounts payable 31,000 35,000 Salaries payable 2,000 1,000 Equipment 60,000 40,000 Accumulated...

Q:

Please help answer these questions and problem Quiz 2 Multiple choice (5 pts each) (highlight or clearly mark your answer) In a good internal control system, which of the following documents are...

Q:

Please help answer these questions and problem Quiz 2 Multiple choice (5 pts each) (highlight or clearly mark your answer) In a good internal control system, which of the following documents are...

Q:

Please help answer these questions and problem Quiz 2 Multiple choice (5 pts each) (highlight or clearly mark your answer) In a good internal control system, which of the following documents are...

Q:

1. Positive Ay) coo operatingnmeill reul if gross profit esucoes costs of goods sold B) salaries and wages expense Q cost of goods sold plus operating expenses. D) operating expenses of the following...

Q:

required (b) The following trial balance of C. Qube, general dealer, was prepared by the firm's bookkeeper at 31 December 2018: DR CR R R 39 900 Accounts payable Accounts receivable 27 600 Bank...

Q:

Sydney Ltd, commenced retail operations on 1 July 2019 by issuing 1,000,000 shares at @ $1.00 per share, payable in full on application. Company sales designer's leather bags to customers. There were...

Q:

Hello I need help with this assignment please Income statements for Solomon Company for 2018 and 2019 follow: SOLOMON COMPANY Income Statements 2019 2018 Sales $200 , 200 $180, 200 Cost of goods sold...

Q:

PART B (Preparation of Financial Statements) Sydney Ltd, commenced retail operations on 1 July 2019 by issuing 1,000,000 shares at @ $1.00 per share, payable in full on application. Company sales...

Q:

Sydney Ltd, commenced retail operations on 1 July 2019 by issuing 1,000,000 shares at @ $1.00 per share, payable in full on application. Company sales designer's leather bags to customers. There were...

Q:

Using standard notation, the complex form for the electric field that is polarised in the y-direction, and propagating near an observer along the x-axis from an radiating dipole is approximated by: E...

Q:

Determine the support reactions and the magnitude of forces exerted by the cables. 6A Cable 6A

Q:

A medium - sized company is expanding its office space and needs to upgrade its network infrastructure to accommodate the increased number of employees and devices. The IT team is considering the...

Q:

5. Develop a scenario comparing two PH programs and involving the use of a CBA.

Q:

2 By moving from a reliance on the explicit knowledge of written reports, towards an emphasis on implicit knowledge that can be shared and adapted, how can BP operate this successfully in different...

Q:

1 What are the likely cultural barriers to developing the learning organization concept in countries other than Anglo-Saxon ones?

Q:

1 How can BP best protect its unique know-how in view of its policy of allying with other, possibly competing organizations, within its concept of the learning organization?