For the Year 2013, Foxmore Company Reports the Following Items

question 22

Multiple Choice

For the year 2013, Foxmore Company reports the following items as part of their financial results:
$\begin{array}{|l|r|}\hline\text { Sales revenues from regular business operations } & \$ 3,000,000 \\\hline \text { Cost of goods sold } & 900,000 \\\hline \text { Operating expenses from their regular business operations } & 600,000 \\\hline \text { Gain on disposal of several items of property, plant \& equipment } & 15,000 \\\hline \text { Income tax expense on continuing operations } & 330,000 \\\hline \text { Loss on the termination of a discontinued business segment, net of } \\\text { Lax }&120,000\\\hline\text { Losses on damage caused by earthquake, net of tax }&280,000\\\hline\end{array}$
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How much is the income (loss) from continuing operations, before tax?

• A) $1,065,000
• B) $1,500,000
• C) $1,515,000
• D) $1,185,500

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Definitions:

National Income

The total value of all goods and services produced by a country within a specific time period, measuring the economic performance.

Physical Capital

Tangible assets used in the production of goods and services, such as machinery, buildings, and vehicles.

United States

A country in North America consisting of 50 states and a federal district, known for its significant influence on world politics, economy, and culture.

National Income

The total value of all goods and services produced by a country's economy over a specific period, accounting for income earned domestically and abroad.