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For the Year 2013, Foxmore Company Reports the Following Items

Question 157

Multiple Choice

For the year 2013, Foxmore Company reports the following items as part of their financial results:
 Sales revenues from regular business operations $3,000,000 Cost of goods sold 900,000 Operating expenses from their regular business operations 600,000 Gain on disposal of several items of property, plant & equipment 15,000 Income tax expense on continuing operations 330,000 Loss on the termination of a discontinued business segment, net of  Lax 120,000 Losses on damage caused by earthquake, net of tax 280,000\begin{array}{|l|r|}\hline\text { Sales revenues from regular business operations } & \$ 3,000,000 \\\hline \text { Cost of goods sold } & 900,000 \\\hline \text { Operating expenses from their regular business operations } & 600,000 \\\hline \text { Gain on disposal of several items of property, plant \& equipment } & 15,000 \\\hline \text { Income tax expense on continuing operations } & 330,000 \\\hline \text { Loss on the termination of a discontinued business segment, net of } \\\text { Lax }&120,000\\\hline\text { Losses on damage caused by earthquake, net of tax }&280,000\\\hline\end{array}
-For the year 2013, Foxmore Company reports the following items as part of their financial results:
 Sales revenues from regular business operations $3,000,000 Cost of goods sold 900,000 Operating expenses from their regular business operations 600,000 Gain on disposal of several items of property, plant & equipment 15,000 Income tax expense on continuing operations 330,000 Loss on the termination of a discontinued business segment, net of  Lax 120,000 Losses on damage caused by earthquake, net of tax 280,000\begin{array}{|l|r|}\hline\text { Sales revenues from regular business operations } & \$ 3,000,000 \\\hline \text { Cost of goods sold } & 900,000 \\\hline \text { Operating expenses from their regular business operations } & 600,000 \\\hline \text { Gain on disposal of several items of property, plant \& equipment } & 15,000 \\\hline \text { Income tax expense on continuing operations } & 330,000 \\\hline \text { Loss on the termination of a discontinued business segment, net of } \\\text { Lax }&120,000\\\hline\text { Losses on damage caused by earthquake, net of tax }&280,000\\\hline\end{array}
How much is the "bottom line" net income (loss) ?


A) $1,065,000
B) $1,500,000
C) $1,515,000
D) $785,000

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