4- Multiple Choice Question 155
ACME Company reports income before income taxes of $ 2,400,000 and had an extra-ordinary loss of $ 800,000 . If the tax rate is 30 %,
the income before the extraordinary item is $ 1,680,000 . the income before the extraordinary item is $ 1,920,000 . the extraordinary loss will be reported at $ 240,000 .
the extraordinary loss would be reported on the income statement at $ 800,000 .
5- Multiple Choice Question 65 Darius , Inc . has the following income statement ( in millions ): DARIUS , INC . Income Statement For the Year Ended December 31 , 2012
Net Sales $ 300 Cost of Goods Sold 120 Gross Profit 180 Operating Expenses 44 Net Income $ 136