In the Current Year,ABC Corporation Had the Following Items of Income,expense,gains,and

question 8

Multiple Choice

In the current year,ABC Corporation had the following items of income,expense,gains,and losses: $$\begin{array} { | l | r | } \hline \text { Sales } & \$ 500,000 \\\hline \text { Cost of sales } & 270,000 \\\hline \text { Operating expenses } & 100,000 \\\hline \text { Interest on savings account } & 14,000 \\\hline \text { Gain on sale of AT\&T stock } & 6,000 \\\hline \text { Loss on sale of IBM stock } & 15,000 \\\hline\end{array}$$ What is taxable income for the year?

• A)$135,000
• B)$141,000
• C)$144,000
• D)$150,000

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Definitions:

Surround Sound Systems

Audio systems designed to immerse the listener in sound by using multiple speakers placed around the room to create a three-dimensional sound experience.

Total Revenue

The overall amount of money generated by a business from its sales activities before any costs or expenses are deducted.

Marginal Revenue

The profit increase achieved by selling one additional unit of a product or service.

Marginal Cost

The incremental cost involved in producing an additional unit of a good or service.