Hubbell Service Showed the Following Information for 2017: Net Sales

question 19

Essay

Hubbell Service showed the following information for 2017: Net sales revenue, $410,000; interest revenue, $11,000; cost of goods sold, $220,000; operating expense, $15,000, gain on disposal of segment, $30,000; and dividends declared, $14,000. Calculate operating income for 2017.

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Definitions:

Attorney Fees

The charges that a client pays to a lawyer for legal services provided, which may be calculated in various ways including hourly rates, flat fees, or contingency fees.

Consequential Damages

Indirect damages that result not from the breach itself, but from the resultant chain of events following the breach of a contract.

Fraudulent Statement

A false statement knowingly made with the intent to deceive and induce another to act to their detriment.

Good Faith Purchaser

An individual who buys property without knowledge of any prior claims, fraud, or faults in the title, and thus is protected under the law.