21. Mason Corporation had $1,079,000 in invested assets, sales of $1,222,000, income from operations amounting...
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Accounting
21. Mason Corporation had $1,079,000 in invested assets, sales of $1,222,000, income from operations amounting to $205,000, and a desired minimum rate of return of 12%.
The residual income for Mason Corporation is
a.$75,520
b.$0
c.$105,728
d.($5,100)
19.
The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31:
Rails Division
Locomotive Division
Corporate Total
Cost of goods sold
$45,100
$30,500
Direct operating expenses
27,100
22,800
Sales
97,500
66,400
Interest expense
$2,400
General overhead
18,500
Income tax
4,200
The gross profit for the Locomotive Division is
a.$13,100
b.$35,900
c.$43,600
d.$66,400
18.
The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31:
Rails Division
Locomotive Division
Corporate Total
Cost of goods sold
$47,100
$28,000
Direct operating expenses
26,200
22,600
Sales
94,500
69,100
Interest expense
$2,000
General overhead
19,900
Income tax
4,200
The income from operations for the Rails Division is
a.$68,300
b.$94,500
c.$21,200
d.$47,400
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