The following is the income statementbelongs to Shining Star LLC for the year31 December 2019:Shining Star LLCIncome Statement for the year ending 31December 2019Net SalesOMR25000Cost of Goods Sold7000Gross Profit18000Operating Expenses8000Operating10000IncomeOther Income:Interest Income4000Net IncomeOMR14000If the company must pay an incometax expense on its profit and the taxrate is 30%, determine the Netincome after-taxSelect one:O a.OMR 10000O b.OMR 9800C.OMR 18200O d.OMR 4200

Formulas: Net Income after tax = Net income before tax - Tax expenses Tax Expense = Net Income x…

Shining Star LLC come Statement for the year ending 31 December 2019 t Sales OMR 25000 st of Goods Sold 7000 Gross Profit 18000 erating Expenses 8000 Operating 10000 ome her Income: terest Income 4000 t Income OMR 14000 he company must pay an income z expense on its profit and the tax e is 30%, determine the Net come after-tax ect one: а. OMR 10000 b. OMR 9800 с. OMR 18200

Shining Star LLC come Statement for the year ending 31 December 2019 t Sales OMR 25000 st of Goods Sold 7000 Gross Profit 18000 erating Expenses 8000 Operating 10000 ome her Income: terest Income 4000 t Income OMR 14000 he company must pay an income z expense on its profit and the tax e is 30%, determine the Net come after-tax ect one: а. OMR 10000 b. OMR 9800 с. OMR 18200

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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Question

The following is the income statement
belongs to Shining Star LLC for the year
31 December 2019:
Shining Star LLC
Income Statement for the year ending 31
December 2019
Net Sales
OMR
25000
Cost of Goods Sold
7000
Gross Profit
18000
Operating Expenses
8000
Operating
10000
Income
Other Income:
Interest Income
4000
Net Income
OMR
14000
If the company must pay an income
tax expense on its profit and the tax
rate is 30%, determine the Net
income after-tax
Select one:
O a.
OMR 10000
O b.
OMR 9800
C.
OMR 18200
O d.
OMR 4200

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