4. The trial balance for XYZ Company as of 31/12/2020 indicated the following balances for year 2020: Sales Revenues:$800,000; Dividends revenues $5,000; Sales Returns and allowances $8,000; Cost of Goods Sold $400,000, Selling expenses $70,000; Loss on sale of land $4,000; Interest expenses 15,000; Administrative and General Expenses $90,000; Loss on discounted operations $60,000; tax rate 20%. Calculate the net income for year 2020?

4. The trial balance for XYZ Company as of 31/12/2020 indicated the following balances for year 2020: Sales Revenues:$800,000; Dividends revenues $5,000; Sales Returns and allowances $8,000; Cost of Goods Sold $400,000, Selling expenses $70,000; Loss on sale of land $4,000; Interest expenses 15,000; Administrative and General Expenses $90,000; Loss on discounted operations $60,000; tax rate 20%. Calculate the net income for year 2020?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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