Use the Following Information for Questions
Hogan Corp Other Information:
Hogan's Income Tax Rate Is 30

question 49

Multiple Choice

Use the following information for questions
Hogan Corp.'s trial balance of income statement accounts for the year ended December 31, 2007 included the following: $\begin{array}{lr}&\text { Debit } & \text { Credit }\\\text { Sales }&&\$140,000\\\text { Cost of sales } & \$ 50,000 \\\text { Administrative expenses } & 25,000 \\\text { Loss on sale of equipment } & 9,000 \\\text { Commissions to salespersons } & 8,000\\\text { Interest revenue }&&5,000\\\text { Freight-out } & 3,000 \\\text { Loss due to earthquake damage } & 12,000 \\\text { Bad debt expense } & 3,000\\\text { Totals }&\$ 110.000 &\$ 145.000\\\end{array}$ Other information:
Hogan's income tax rate is 30%.Finished goods inventory: $\begin{array}{lr}\text { January } 1,2007 & \$ 80,000 \\\text { December } 31,2007 & 70,000\end{array}$ On Hogan's multiple-step income statement for 2007,
-Extraordinary loss is

• A)$8,400.
• B)$12,000.
• C)$14,700.
• D)$21,000.

Understand the components of emotion and their significance.

Recognize how motivation influences and is influenced by emotional states.

Identify factors influencing achievement motivation and its effects on behavior.

Differentiate between various sexual orientations and understand the factors influencing them.

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Definitions:

Operating Profit

The profit earned from a firm's normal business operations, calculated before interest and taxes.

Operating Segments

Aspects of a business for which individual financial details are accessible and are consistently reviewed by the principal operating decision maker for the purposes of resource distribution and performance assessment.

Revenue Test

An assessment used in various contexts to determine if a certain level of revenue has been achieved or to evaluate the revenue-generating capability of a business.