During the current year,Metcalf Corporation has the following items of income and expense:
$\begin{array}{lr}
\text {Sales } &\$ 450,000 \
\text { Cost of goods sold } &320,000 \
\text {Dividends received } &20,000
\end{array}$
Metcalf owns 37% of the corporation that distributed the dividend to Metcalf.Determine the amount reported as income before special deductions for the current year.
A)$130,000
B)$134,000
C)$150,000
D)$454,000
E)$470,000

Question

During the current year,Metcalf Corporation has the following items of income and expense:
$\begin{array}{lr}
 \text {Sales  } &\$ 450,000 \
 \text { Cost of goods sold } &320,000 \
 \text {Dividends received  } &20,000
\end{array}$
Metcalf owns 37% of the corporation that distributed the dividend to Metcalf.Determine the amount reported as income before special deductions for the current year.
A)$130,000
B)$134,000
C)$150,000
D)$454,000
E)$470,000

Quizplus · Accepted Answer

The Answer of During the current year,Metcalf Corporation has the following items of income and expense:
$\begin{array}{lr}
 \text {Sales  } &\$ 450,000 \
 \text { Cost of goods sold } &320,000 \
 \text {Dividends received  } &20,000
\end{array}$
Metcalf owns 37% of the corporation that distributed the dividend to Metcalf.Determine the amount reported as income before special deductions for the current year.
A)$130,000
B)$134,000
C)$150,000
D)$454,000
E)$470,000

During the Current Year,Metcalf Corporation Has the Following Items of Income