A firm reports the following income statement items: sales of $60,550,000; income tax of $1,744,000; operating expenses of $10,115,000; cost of goods sold $34,025,000; and interest expense of $750,000.What is the amount of the firm's income before tax?
A)$15,660,000
B)$16,410,000
C)$13,916,000
D)$14,666,000

Question

Quizplus · Accepted Answer

Income before tax = Sales - Cost of goods sold - Operating expenses - Interest expense= $60,550,000 - $34,025,000 - $10,115,000 - $750,000= $15,660,000

A Firm Reports the Following Income Statement Items: Sales of $60,550,000;