Income Statement You Have Been Given the Following Information for Kaye's

question 27

Multiple Choice

Income Statement You have been given the following information for Kaye's Krumpet Corp.:
Net sales = $150,000;
Gross profit = $100,000;
Addition to retained earnings = $20,000;
Dividends paid to preferred and common stockholders = $8,000;
Depreciation expense = $50,000.
The firm's tax rate is 30 percent.What are the cost of goods sold and the interest expense for Kaye's Krumpet Corp.?

• A)$10,000, and $50,000, respectively
• B)$50,000, and $10,000, respectively
• C)$50,000, and $22,000, respectively
• D)$62,000, and $10,000, respectively

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