18 Selling, general, and administrative expenses were $80,000; net sales were $390,000; interest expense was $16,000;...
18 Selling, general, and administrative expenses were $80,000; net sales were $390,000; interest expense was $16,000; research and development expenses were $34,000; Net cash provided by operating activities was $42,000; income tax expense was $10,000; cost of goods sold was $220,000. net income for the period was: A. $30,000 B. $40,000 C. $56,000 D. $72,000
Homework Answers
Correct answer-----------(A) $30,000
Working
| Sales | $ 390,000.00 |
| Cost of goods sold | $ 220,000.00 |
| Gross profit | $ 170,000.00 |
| Selling, general, and administrative expenses | $ 80,000.00 |
| interest expense | $ 16,000.00 |
| research and development expenses | $ 34,000.00 |
| Income before taxes | $ 40,000.00 |
| income tax expense | $ 10,000.00 |
| Net income | $ 30,000.00 |
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