On September 1, 2021, Middleton Corp. lends cash and accepts a $13,000 note receivable that offers 9% interest and is due in six
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.