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Hatshy [7]
3 years ago
14

The following financial information was summarized from the accounting records of Globe Corporation for the current year ended D

ecember 31: Northern Southern Corporate Division Division Total Cost of goods sold $310,000 $175,000 Direct operating expenses 250,000 115,000 Net sales 600,000 410,000 Interest expense $12,000 General overhead 101,000 Income tax 26,700 The net income for Globe Corporation is
Business
1 answer:
KIM [24]3 years ago
8 0

Answer:

Net Income = $20,300

Explanation:

Net income is profit earned after deducting all operating expenses and taxes from sales revenue. It is computed as follows:

                                                                                                $

Total sales      (600,000 + 410,000)                                  1,010,000

less cost of goods sold (310,000 + $175,000)                 <u>(485,000 )</u>

Gross profit                                                                           525,000

Direct operating expenses(250,000 +115,000)                 (365000 )

General overhead                                                                 (101,000)

Interest expense                                                                   <u> (12,000)   </u>    

Profit before tax                                                                       47,000

Income tax                                                                               <u>(26,700</u>)

Net Income                                                                                <u> 20,300</u>

Net Income = $20,300

           

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