A firm reports the following income statement items: sales of $60,550,000; income tax of $1,744,000; operating expenses of $10,115,000; cost of goods sold $34,025,000; and interest expense of $750,000
What is the amount of the firm's income before tax?
A) $15,660,000
B) $16,410,000
C) $13,916,000
D) $14,666,000
A
Explanation: A) EBT = Sales - COGS - Operating Expenses - Interest Expense = $60,550,000 - $34,025,000 - $10,115,000 - $750,000 = $15,660,000
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