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23 November, 13:54

A company reports the following information as of December 31st:

Sales revenue $ 350,000

Cost of goods sold $ 150,000

Operating expenses $ 110,000

Foreign currency translation gain $ 25,000

1. Ignoring income taxes, what amount should the company report as net income as of December 31st?

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  1. 23 November, 14:02
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    The company will report $115,000

    Explanation:

    Giving the following information:

    Sales revenue = 350,000

    Cost of goods sold = (150,000)

    Gross profit = 200,000

    Operating expenses = (110,000)

    Net operating income = 90,000

    Foreign currency translation gain = 25,000

    Net income = 115,000

    The company will report $115,000
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