Use the following information for questions
Hogan Corp.'s trial balance of income statement accounts for the year ended December 31, 2007 included the following:
Other information:
Hogan's income tax rate is 30%.Finished goods inventory: $\begin{array}{lr}
\text { January } 1,2007 & \$ 80,000 \
\text { December } 31,2007 & 70,000
\end{array}$
On Hogan's multiple-step income statement for 2007,
-Income before extraordinary item is
A)$64,000.
B)$47,000.
C)$32,900.
D)$24,500.

Question

Use the following information for questions 
Hogan Corp.'s trial balance of income statement accounts for the year ended December 31, 2007 included the following: 
Other information:
Hogan's income tax rate is 30%.Finished goods inventory: $\begin{array}{lr}
\text { January } 1,2007 & \$ 80,000 \
\text { December } 31,2007 & 70,000
\end{array}$ 
On Hogan's multiple-step income statement for 2007,
-Income before extraordinary item is
A)$64,000. 
B)$47,000. 
C)$32,900. 
D)$24,500.

Quizplus · Accepted Answer

The Answer of Use the following information for questions 
Hogan Corp.'s trial balance of income statement accounts for the year ended December 31, 2007 included the following: 
Other information:
Hogan's income tax rate is 30%.Finished goods inventory: $\begin{array}{lr}
\text { January } 1,2007 & \$ 80,000 \
\text { December } 31,2007 & 70,000
\end{array}$ 
On Hogan's multiple-step income statement for 2007,
-Income before extraordinary item is
A)$64,000. 
B)$47,000. 
C)$32,900. 
D)$24,500.

Use the Following Information for Questions Hogan Corp January 1,2007$80,000 December 31,200770,000\begin{array}{lr}\text { January } 1,2007 & \$ 80,000 \\\text { December } 31,2007 & 70,000\end{array} January 1,2007 December 31,2007​$80,00070,000​

Use the Following Information for Questions
Hogan Corp $\begin{array}{lr}\text { January } 1,2007 & \$ 80,000 \\\text { December } 31,2007 & 70,000\end{array}$