• Credit sales totaled $489,000. • Rent expense was $49,000. • Cash sales totaled $350,000. Cash collections from customers for services not yet provided totaled $84,000. • Loss from the sale of trading debt investments during the year was $20,000. • Interest expense was $10,900. • Salaries expense was $336,000. Purchased $180,000 of equipment on account. Depreciation expense for the equipment was $36,000. • Sales discounts on credit sales were $10,000. Unrealized gain on available for sale debt investments was $2,000. Interest income was $7,500. • Other operating expenses totaled $79,000. What was Company's net income for 2020?

• Credit sales totaled $489,000. • Rent expense was $49,000. • Cash sales totaled $350,000. Cash collections from customers for services not yet provided totaled $84,000. • Loss from the sale of trading debt investments during the year was $20,000. • Interest expense was $10,900. • Salaries expense was $336,000. Purchased $180,000 of equipment on account. Depreciation expense for the equipment was $36,000. • Sales discounts on credit sales were $10,000. Unrealized gain on available for sale debt investments was $2,000. Interest income was $7,500. • Other operating expenses totaled $79,000. What was Company's net income for 2020?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 43P

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