A company reports the following information as of December 31st:

Sales revenue $ 350,000

Cost of goods sold $ 150,000

Operating expenses $ 110,000

Foreign currency translation gain $ 25,000

1. Ignoring income taxes, what amount should the company report as net income as of December 31st?

Question

Business

Evangeline Rhodes

26 December, 14:37

A company reports the following information as of December 31st:

Sales revenue $ 350,000

Cost of goods sold $ 150,000

Operating expenses $ 110,000

Foreign currency translation gain $ 25,000

1. Ignoring income taxes, what amount should the company report as net income as of December 31st?

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Answers (1)

Know the Answer?

Anna Rollins · Answer 1

The company will report $115,000

Explanation:

Giving the following information:

Sales revenue = 350,000

Cost of goods sold = (150,000)

Gross profit = 200,000

Operating expenses = (110,000)

Net operating income = 90,000

Foreign currency translation gain = 25,000

Net income = 115,000

The company will report $115,000

A company reports the following information as of December 31st:Sales revenue $ 350,000Cost of goods sold $ 150,000Operating expenses $ 110,000Foreign currency translation gain $ 25,0001. Ignoring income taxes, what amount should the company report as net income as of December 31st?

A company reports the following information as of December 31st:

Sales revenue $ 350,000

Cost of goods sold $ 150,000

Operating expenses $ 110,000

Foreign currency translation gain $ 25,000

1. Ignoring income taxes, what amount should the company report as net income as of December 31st?