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Diamond trading has the following data: Sales 500,000 Electricity expense 50,000 Water expense 20,000 Purchases 200,000 Ending Inventory 50,000 Purchase return 10,000 Beginning Inventory 20,000 Income tax expense 25,000

Diamond trading has the following data: Sales 500,000 Electricity expense 50,000 Water expense 20,000 Purchases 200,000 Ending Inventory 50,000 Purchase return 10,000 Beginning Inventory 20,000 Income tax expense 25,000

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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HOW MUCH IS THE NET INCOME AFTER TAX?
Diamond trading has the following data: Sales 500,000 Electricity expense 50,000 Water expense 20,000 Purchases 200,000 Ending Inventory 50,000 Purchase return 10,000 Beginning Inventory 20,000 Income tax expense 25,000
Transcribed Image Text:Diamond trading has the following data: Sales 500,000 Electricity expense 50,000 Water expense 20,000 Purchases 200,000 Ending Inventory 50,000 Purchase return 10,000 Beginning Inventory 20,000 Income tax expense 25,000
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