QuestIOn Presented below are selected ledger accounts of Carla Corporation as of

Question

QuestIOn Presented below are selected ledger accounts of Carla Corporation as of December 31, 2017 Cash Administrative expenses Selling expenses Net sales Cost of goods sold Cash dividends declared (2017) Cash dividends paid (2017) Discon Depreciation expense, not recorded in 2016 Retained earnings, December 31,2016 Effective tax rate 30% $50,400 108,200 82,140 546,700 263,500 21,570 19,100 41,200 37.200 97,750 tinued operations (loss before income taxes) Compute net income for 2017 Net income Attempts: 0 of 3 used Check Answer

Explanation / Answer

Income Statement of Carla corporation as on 31/12/2017

Netsales 546700

(-) COGS (263500)

GROSS PROFIT 283200

(-) Administration Expenses ( 108200)

(-)Selling Expenses ( 82140)

Prior period depreciation (37200)

Loss from Discontinued operations (28840)

(41200-41200*30%) (21840)

BEfore tax income 26820

(-) TAX@30% (8046)

Net income 18774

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