During the fiscal year ended 2014, a company had revenues of $400,000, cost of goods sold of $280,000, and an income tax rate of 30 percent on income before income taxes. what was the company's 2014 net income? $120,000. $36,000. $84,000. $400,000.

Question

26-02-2018
Business

contestada

During the fiscal year ended 2014, a company had revenues of $400,000, cost of goods sold of $280,000, and an income tax rate of 30 percent on income before income taxes. what was the company's 2014 net income? $120,000. $36,000. $84,000. $400,000.

Respuesta :

Otras preguntas

1. How did European countries react to the Hawley-Smoot Tariff? . a.They imported more American goods. . b.They passed high protective tariffs. . c. They i

A brick is dropped from a high scaffold. (a) What is its velocity after 4.0s? (b) How far does the brick fall during this time?

Based on the endosymbiotic theory, what cell would result from the endosymbiosis of a cell with a cyanobacterium

Vertical columns in the periodic table indicate what information? . . . A.. periods. . . B.. liquids. . . C.. synthetic elements. . . D.. groups and familie

An item costs $36. The price is increased by $15, then reduced by $15. Find the percent of increase and the percent of decrease.A) The percent of increase is a

All of the following prevent non-communicable disease EXCEPT __________. A. eating a healthy diet every day. B. exercising five times a day. C. takin

Tia is investing $2500 that she would like to grow to $6000 in 10 years. At what annual interest rate, compounded quarterly, must Tia invest her money? Round yo

4. all of the following words can describe the tone of \"serenity\" expect. a) emotional . b)peaceful. c)protective. d)worried. . 5. the speaker in \"Serenity\

Which economic principle is described as an advanced form of socialism that completely eliminates the difference between the classes and is enforced by authorit

You have 26 cards, each labeled with a letter of the alphabet. What is the probability of drawing a card that is a vowel (excluding y)?

MrBalduzzi MrBalduzzi · Answer 1 · 2018-02-28T19:58:13+01:00

$84,000. Net Income (NI) is the residual or remainder amount of income after all expenses. Here, the company has revenues of $400,000 and cost of goods sold (COGS) of $280,000 for a gross income of $120,000 (the difference between revenues and COGS). The only selling expense is the tax of 30 percent on the income, so we subtract 30 percent of the gross income, or $36,000, from the gross income to get $84,000 for the Net Income.