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gizmo_the_mogwai [7]
3 years ago
8

The Willie Company has provided the following information: Operating expenses were $345,000; Income from operations was $415,000

; Net sales were $1,100,000; Interest expense was $71,000; Loss from sale of investments was $87,000; Income tax expense was $58,000. What was Willie's net income
Business
1 answer:
drek231 [11]3 years ago
6 0

Answer:

net income = $199,000

Explanation:

In order to calculate net income, we will first start with EBIT or income from operations and then subtract income tax expense, loss from sale of investments and finally income taxes:

  • EBIT = $415,000
  • Interest expense = $71,000
  • Loss from sale of investments = $87,000
  • Income tax expense = $58,000
  • Net income = $199,000

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