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chmereaustin1
19.02.2020 •
Business
During the fiscal year ended 2014, a company had revenues of $340,000, cost of goods sold of $215,000, and an income tax rate of 30 percent on income before income taxes. What was the company's 2014 net income?
a. $87,500b. $102,000c. $37,500d. $340,000
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Ответ:
correct option is a. $87,500
Explanation:
given data
revenues = $340,000
cost of goods sold = $215,000
income tax rate = 30 percent
solution
first we get here income before income tax that is
income before income tax = revenues - cost of goods sold 1
income before income tax = $340,000 - $215,000
income before income tax = $125000
and
income tax expenses will be
income tax expenses = 30% of $125000
income tax expenses = 0.30 × $125000
income tax expenses = $37500
so
net income will be
net income = income before income tax - income tax expenses 2
net income = $125000 - $37500
net income = $87500
so correct option is a. $87,500
Ответ: