During the Current Year,Metcalf Corporation Has the Following Items of Income

question 85

Multiple Choice

During the current year,Metcalf Corporation has the following items of income and expense:
$\begin{array}{lr}\text { Sales } & \$ 450,000 \\\text { Cost of goods sold } & 320,000 \\\text { Dividends received } & 20,000\end{array}$
Metcalf owns 37% of the corporation that distributed the dividend to Metcalf.Determine the amount reported as income before special deductions for the current year.

• A)$130,000
• B)$134,000
• C)$150,000
• D)$454,000
• E)$470,000

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Founding

The act of establishing something, such as a city, organization, or institution, marking its origin.

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The capital of the Aztec empire, founded in 1325, which was located on an island in Lake Texcoco where modern-day Mexico City stands.

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Andean record-keeping device consisting of numerous knotted strings hanging from a main cord; the strings signified, by position and color, numbers and categories of things.

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