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Consider the information given in the table below. Calculate the net income. Item Amount Sales revenue $750,000 Cost of goods sold $425,000 Salaries expense $150,000 Rent expense $24,000 Depreciation expense $18,000 Insurance expense $7,500 Utilities expense $6,000 Interest income $15,000 Sales returns $5,000 Income tax expense $32,000

Consider the information given in the table below. Calculate the net income. Item Amount Sales revenue $750,000 Cost of goods sold $425,000 Salaries expense $150,000 Rent expense $24,000 Depreciation expense $18,000 Insurance expense $7,500 Utilities expense $6,000 Interest income $15,000 Sales returns $5,000 Income tax expense $32,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Consider the information given in the table below. Calculate the net income. Item Amount Sales revenue $750,000 Cost of goods sold $425,000 Salaries expense $150,000 Rent expense $24,000 Depreciation expense $18,000 Insurance expense $7,500 Utilities expense $6,000 Interest income $15,000 Sales returns $5,000 Income tax expense $32,000
Transcribed Image Text:Consider the information given in the table below. Calculate the net income. Item Amount Sales revenue $750,000 Cost of goods sold $425,000 Salaries expense $150,000 Rent expense $24,000 Depreciation expense $18,000 Insurance expense $7,500 Utilities expense $6,000 Interest income $15,000 Sales returns $5,000 Income tax expense $32,000
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