calculate the net income after corporate income tax is paid for quarter 2.\nincome statement\n| |q1…

calculate the net income after corporate income tax is paid for quarter 2.\nincome statement\n| |q1 (x1000)|q2 (x1000)|\n|--|--|--|\n|net sales|112|174|\n|cogs|(18)|(32)|\n|gross profit|94|142|\n|overhead|(31)|(53)|\n|pre - tax income|63|89|\ncorporate income tax = $18,690\nnet income = $?

calculate the net income after corporate income tax is paid for quarter 2.\nincome statement\n| |q1 (x1000)|q2 (x1000)|\n|--|--|--|\n|net sales|112|174|\n|cogs|(18)|(32)|\n|gross profit|94|142|\n|overhead|(31)|(53)|\n|pre - tax income|63|89|\ncorporate income tax = $18,690\nnet income = $?

Answer

Explanation:

Step1: Identify pre - tax income for Q2

Pre - tax income for Q2 is $89\times1000 = 89000$.

Step2: Calculate net income

Net income = Pre - tax income - Corporate income tax. So, Net income=$89000 - 18690$. $89000-18690 = 70310$.

Answer:

$70310$