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|(29)|(51)|\n|pre - tax income|65|91|\ncorporate income tax = $19,110\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|(29)|(51)|\n|pre - tax income|65|91|\ncorporate income tax = $19,110\nnet income = $?

Answer

Answer:

$71,900$

Explanation:

Step1: Identify pre - tax income

Pre - tax income for Q2 is $91\times1000 = 91000$ dollars.

Step2: Calculate net income

Net income = Pre - tax income - Corporate income tax. So, $91000-19110 = 71890$ dollars. Since the amounts in the table are in thousands, the net income is $71890$ rounded to $71900$ (assuming appropriate rounding in the business context).