calculate the net income after corporate income tax is paid for quarter 2. income statement q1 (x1000) q2…

calculate the net income after corporate income tax is paid for quarter 2. income statement q1 (x1000) q2 (x1000) net sales 115 125 cogs (30) (31) gross profit 85 94 overhead (32) (41) pre - tax income 53 53 corporate income tax = $11,130 net income = $?

calculate the net income after corporate income tax is paid for quarter 2. income statement q1 (x1000) q2 (x1000) net sales 115 125 cogs (30) (31) gross profit 85 94 overhead (32) (41) pre - tax income 53 53 corporate income tax = $11,130 net income = $?

Answer

Explanation:

Step1: Identify pre - tax income for Q2

Pre - tax income for Q2 is $53\times1000 = 53000$ dollars.

Step2: Calculate net income

Net income = Pre - tax income - Corporate income tax. So, Net income=$53000 - 11130$. $53000-11130 = 41870$

Answer:

$41870$