GoldenTech Corporation had a net income of$625,000 in 2021. If the company's net incomeincreased by 15.6% in 2022, what was its netincome for 2022?a. $710,000b. $723,500c. $722,500d. $705,500

The net income for 2022 is calculated as: $625,000 × 1.156 = $722,500 Correct answer: (c) $722,500 ✅

Answered: GoldenTech Corporation had a net income…

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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GoldenTech Corporation had a net income of $625,000 in 2021. If the company's net income increased by 15.6% in 2022, what was its net income for 2022? a. $710,000 b. $723,500 c. $722,500 d. $705,500