Colby Corporation has provided the following information: Operating revenues were $212,700. Operating expenses were $124,000. Interest expense was $9,200. Gain from sale of plant and equipment was $4,200. Dividend payments to Colby's stockholders were $8,200. Income tax expense was $42,000. Prepaid rent expense was 5,500. How much was Colby's net income?

Colby Corporation has provided the following information: Operating revenues were $212,700. Operating expenses were $124,000. Interest expense was $9,200. Gain from sale of plant and equipment was $4,200. Dividend payments to Colby's stockholders were $8,200. Income tax expense was $42,000. Prepaid rent expense was 5,500. How much was Colby's net income?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...

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