Calculate the Total Comprehensive Income for the Year If Operating

question 51

Multiple Choice

Calculate the total comprehensive income for the year if operating profit is $556,000, the tax rate is 30%, finance charges are $88,700 and other comprehensive income for the year (net of tax) is $195,000.

• A)$452,460
• B)$522,110
• C)$426,000
• D)$562,800

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Definitions:

Selling And Administrative Expenses

Combined costs related to the selling of products and the administration of a business, excluding production costs.

Retention Ratio

The proportion of net income that is retained in the business rather than paid out to shareholders as dividends, indicating the amount reinvested in the company.

Interest Expense

This is the cost incurred by an entity for borrowed funds over a period of time, typically expressed as an annual percentage.

Cost Of Goods Sold

The direct costs attributable to the production of the goods sold in a company, including materials and labor.