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Ivan
2 years ago
7

During the fiscal year ended 2016, a company had revenues of $520,000, cost of goods sold of $375,000, and an income tax rate of

36 percent on income before income taxes. What was the company's 2016 net income
Business
1 answer:
7nadin3 [17]2 years ago
8 0

Answer:

the net income is $92,800

Explanation:

The computation of the net income is given below:

Net income is

= Sales - cost of goods sold - tax rate on the remaining balance left

= $520,000 - $375,000 - (($520,000 - $375,000) ×0.36)

= $145,000 - $145,000 × 0.36

= $145,000 - $52,200

= $92,800

Hence, the net income is $92,800

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