Pandora Corporation operates several factories in the Midwest that manufacture consumer electronics. The December 31, 2024, year- end trial balance contained the following income statement items: Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Selling expenses General and administrative expenses Interest expense Research and development expense Income tax expense Required: Calculate the company's operating income for the year. Operating revenues: Sales revenue Total operating revenue Less operating expenses: Total operating expenses Operating income Debits $ 116,000 6,360,000 636,000 1,680,000 56,000 1,360,000 916,000 $ 14,100,000 14,100,000 $ 0 14,100,000 Credits $ 14,100,000 66,000

Pandora Corporation operates several factories in the Midwest that manufacture consumer electronics. The December 31, 2024, year- end trial balance contained the following income statement items: Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Selling expenses General and administrative expenses Interest expense Research and development expense Income tax expense Required: Calculate the company's operating income for the year. Operating revenues: Sales revenue Total operating revenue Less operating expenses: Total operating expenses Operating income Debits $ 116,000 6,360,000 636,000 1,680,000 56,000 1,360,000 916,000 $ 14,100,000 14,100,000 $ 0 14,100,000 Credits $ 14,100,000 66,000

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter4: Completing The Accounting Cycle

Section: Chapter Questions

Problem 7E: FedEx Corporation had the following revenue and expense account balances (in millions) for a recent...

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