Do fast answer of this accounting questions During September, Wilson's Hardware Store generated revenues of $75,000. The company'sexpenses included cost of goods sold of $42,000 and operating expenses of $8,000. Thecompany also had rental revenue of $3,000 and a gain on the sale of equipment of $2,000.Wilson's net income for September is:A. $25,000B. $27,000C. $30,000D. $32,000

Step 1: Definition of "Net Income"Net income refers to the amount of profit a business earns after…

Answered: During September, Wilson's Hardware…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter12: Balanced Scorecard And Other Performance Measures

Section: Chapter Questions

Problem 5EA: During the current year, Sokowski Manufacturing earned income of $350,000 from total sales of...

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Similar questions

XYZ Company has the following information for the year: Sales revenue: $500,000 Cost of goods sold: $200,000 Operating expenses: $100,000 Other income: $10,000 Tax rate: 25% Calculate the company's operating income and net income for the year.
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Safety Company had $45,000 in gross sales, $1,200 in sales discounts, $10,000 in cost of goods sold, $5,500 in selling expenses, $600 in sales returns and allowances, and $7,200 in general expenses. What is Safety Company net sales? a.$35,000 b.$43,200 c.$20,500 d.$33,200
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ABC Corporation has the following information for the year: Sales revenue: $500,000 Cost of goods sold: $300,000 Operating expenses: $100,000 Interest expense: $20,000 Income tax rate: 30% Calculate the company's net income for the year.
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