The Following Financial Information Was Summarized from the Accounting Records

question 30

Multiple Choice

The following financial information was summarized from the accounting records of Globe Corporation for the current year ended December 31: $$\begin{array} { l r r r } & \text { Northern } & \text { Southern } & \text { Corporate } \\& \text { Division } & \text { Division } & \text { Total } \\\text { Cost of goods sold } & \$ 310,000 & \$ 175,000 & \\\text { Direct operating expenses } & 250,000 & 115,000 & \\\text { Net sales } & 600,000 & 410,000 & \\\text { Interest expense } & & & \$ 12,000 \\\text { General overhead } & && 101,000 \\\text { Income tax } & && 26,700\end{array}$$ ? The net income for Globe Corporation is:

• A) $59,000.
• B) $160,000.
• C) $19,400.
• D) $47,000.

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Definitions:

GHG Protocol Initiative

A comprehensive global standardized framework to measure and manage greenhouse gas emissions from private and public sector operations, value chains, and mitigation actions.

Scope 3

Emissions that are a consequence of the activities of the company but occur from sources not owned or controlled by the company, such as indirect emissions from the value chain.

Indirect Emissions

Emissions that result from the activities of an organization but are produced from sources not owned or controlled by the organization, such as electricity consumption.

Parts Per Million

A measurement unit expressing the concentration of one substance in a million parts of another, commonly used to measure chemical concentrations or defects levels in manufacturing.