The following information is provided about Caltex Company income from operations $430,000, loss on inventory writedowns $12,000, selling expenses $62,000, and interest expense $20,000 

The tax rate is 30 Determine net income 2 Indicate in which section (gross profit, income from operations, or income before income tax) the following items are reported

(a) interest revenue,

(b) interest expense, 

(c) loss on impairment of goodwill,

(d) sales revenue, 

(e) administrative expenses

Answer rating: 100% (QA)

NET INCOME Revenuuecast of good EXpenses Henee a Interest revenue b Interest expense LOSS o... View the full answer