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Question - Francisco Olivas of Olivas Medical Supply Company was reading the financial statements of Alvear Corp. to decide whether he wanted to try to acquire the company. He noticed some mistakes in the Alvear Corp. Income Statement:
($ millions)
Year ended 12/31/2015
Sales revenue
$1200
Gain on sale of equipment
200
Total Revenue
1400
Cost of Goods Sold
(800)
Gross Profit
600
SG&A Expense
(400)
Interest Expense
(50)
Operating Income
150
Interest Revenue
20
Pre-tax income
170
Income Tax Expense
(61)
Net Income
109
What is Alvear Corp.'s Operating Income for the year ended 12/31/2015 after correcting the mistakes?
$0
$170
($50)
($30)
$200
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