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Q1) Li Retailing reported the items which are given below for the current year:

Sales = $1,000,000;

Cost of Goods Sold = $700,000;

Depreciation Expense = $40,000;

Administrative Expense = $70,000;

Interest Expense = $30,000;

Marketing Expense = $50,000; and

Taxes = $40,000.

Li's operating income is:

a. $140,000
b. $110,000
c. $100,000
d. $300,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M921915

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