Fashion Retailers, Inc.’s income statement for the year ended December 31, 20X8 included the following accounts:...
Fashion Retailers, Inc.’s income statement for the year ended December 31, 20X8 included the following accounts:
Sales………………………………………………………….$72,000,000
Cost of goods sold……………………………………………$50,400,000
Selling expenses (total)………………………………………$12,000,000
General and administrative expenses………………………….$8,000,000
Income tax expense…………………………………...…………$480,000
What was the net income for the year-ended December 31, 20X8?
| a. |
$1,120,000. |
|
| b. |
$2,500,000. |
|
| c. |
$1,600,000. |
|
| d. |
$21,600,000. |
Homework Answers
Calculate net income
| Sales | 72000000 |
| Cost of goods sold | -50400000 |
| Selling expense | -12000000 |
| General and administrative expense | -8000000 |
| Income tax expense | -480000 |
| Net income | 1120000 |
So answer is a) $1120000
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