Question

The adjusted trial balance of McCoy Company included the following selected accounts:                             

The adjusted trial balance of McCoy Company included the following selected accounts:

                                                                                            

Sales Discounts……………...………...$ 9,500

Cost of Goods Sold………………….396,000

Freight-Out………………………………...2,000

Advertising Expense…………………15,000

Interest Expense………………………19,000

Common Stock………………………....75,000

Loss on disposal of land……………….2,000

Sales Revenue………………………...645,000

Retained Earnings………………...…..65,000

Gain on disposal of equipment…….1,000

Sales Returns and Allowances…..50,000

Salaries and Wages Expense……..84,000

Utilities Expense……………………….23,000

Short-term Investments……………34,000

Unearned revenue…………………….20,000

Depreciation Expense…………………3,500

Interest Revenue…………………….$25,000

1. McCoy Company’s Income from operations is:

A. $68,000

B. $60,000

C. $62,000

D. $43,000

McCoy Company net income is:

A. $75,000

B. $87,000

C. $45,000

D. $67,000

Business   Accounting   
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Answer #1

Answer:

Question 1) Option ( C ) $62,000

Question 2) Question ( D ) $67,000

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