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The adjusted trial balance of Vega Tech Innovations contained the following account balances. Assume the tax rate is 25%. Account Amount ($) Sales revenue (credit) $620,000 Sales returns and allowances $20,000 Sales discounts $15,000 Cost of goods sold (COGS) $300,000 Operating expenses $150,000 Interest revenue $10,000 Interest expense $6,000 Compute the net income for Vega Tech Innovations.

The adjusted trial balance of Vega Tech Innovations contained the following account balances. Assume the tax rate is 25%. Account Amount ($) Sales revenue (credit) $620,000 Sales returns and allowances $20,000 Sales discounts $15,000 Cost of goods sold (COGS) $300,000 Operating expenses $150,000 Interest revenue $10,000 Interest expense $6,000 Compute the net income for Vega Tech Innovations.

SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
43rd Edition
ISBN:9780357391723
Author:Maloney
Publisher:Maloney
Chapter22: S Corporations
Section: Chapter Questions
Problem 16CE
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Please help me solve this financial accounting question using the right financial principles.

The adjusted trial balance of Vega Tech Innovations contained the following account balances. Assume the tax rate is 25%. Account Amount ($) Sales revenue (credit) $620,000 Sales returns and allowances $20,000 Sales discounts $15,000 Cost of goods sold (COGS) $300,000 Operating expenses $150,000 Interest revenue $10,000 Interest expense $6,000 Compute the net income for Vega Tech Innovations.
Transcribed Image Text:The adjusted trial balance of Vega Tech Innovations contained the following account balances. Assume the tax rate is 25%. Account Amount ($) Sales revenue (credit) $620,000 Sales returns and allowances $20,000 Sales discounts $15,000 Cost of goods sold (COGS) $300,000 Operating expenses $150,000 Interest revenue $10,000 Interest expense $6,000 Compute the net income for Vega Tech Innovations.
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