Corporation was organized on January 1, 2021. The firm was authorized to issue 100,000 shares of $5 par common stock. During 202
1 answer:
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Answer:
$84,000
Explanation:
A company's net income can be determined by subtracting the cost of goods sold from the revenues to obtain the income before taxes and then multiply it by one minus the tax rate.
If revenues are $400,000 and cost of goods sold are $280,000 at a tax rate of 30%, net income for the year is:
The company's net income for the year is $84,000.