Net sales of Thomas Company is $180,600, cost of goods sold is $144,400, selling expenses are $15,200, general expenses are $22,600, and interest expense is $1,500. Which of the following is the net income (loss) of Thomas Company?
A. $36,200
B. $(3,100)
C. $3,100
D. $(1,600)
E. $13,600
Answer: B. $(3,100)

Question

05-12-2022
Business

Answered

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Net sales of Thomas Company is $180,600, cost of goods sold is $144,400, selling expenses are $15,200, general expenses are $22,600, and interest expense is $1,500. Which of the following is the net income (loss) of Thomas Company?
A. $36,200
B. $(3,100)
C. $3,100
D. $(1,600)
E. $13,600
Answer: B. $(3,100)

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kjuli1766 kjuli1766 · Answer 1 · 2022-12-09T02:59:08-05:00

The following is the net income of Thomas Company -$3100.

Solution:

Particulars Amount

Net sales 180600

Cost of goods sold 144400

Selling expense 15200

General expense 22600

Interest expense 1500

Net income/Loss -3100.

Net income also known as net income is calculated as revenue minus cost of goods sold selling general and administrative expenses operating expenses depreciation interest taxes and other expenses. A number that helps investors determine how well an organization's revenues exceed its costs. This number appears on the company's income statement and is also an indicator of the company's profitability.

An operating loss occurs when a company's operating expenses exceed its total profit. Operating loss does not include interest income, interest expense, extraordinary gains or losses, or the impact of gains or losses on equity investments or taxes. These items are below the line meaning they are added or subtracted after the operating loss.

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