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Homework answers / question archive / During the year, cost of goods sold was $120,000; income from operations was $114,000; income tax expense was $24,000; interest expense was $18,000; and selling, general, and administrative expenses were $66,000
During the year, cost of goods sold was $120,000; income from operations was $114,000; income tax expense was $24,000; interest expense was $18,000; and selling, general, and administrative expenses were $66,000.
Required:
Calculate net sales, gross profit, income before taxes, and net income.
| Net sales | $300,000 |
| Cost of goods sold | (120,000) |
| Gross profit | 180,000 |
| Selling, general and administrative expenses | (66,000) |
| Income from operations | 114,000 |
| Less: Interest expense | (18,000) |
| Income before tax | 96,000 |
| Less: Income tax expense | (24,000) |
| Net income | $72,000 |
