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|110|170|\n|cogs|(18)|(32)|\n|gross profit|92|138|\n|overhead|(30)|(50)|\n|pre - tax income|62|88|\ncorporate income tax = $18,480\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|110|170|\n|cogs|(18)|(32)|\n|gross profit|92|138|\n|overhead|(30)|(50)|\n|pre - tax income|62|88|\ncorporate income tax = $18,480\nnet income = $?

Answer

Explanation:

Step1: Identify pre - tax income for Q2

Pre - tax income for Q2 is $88\times1000 = 88000$ dollars.

Step2: Subtract corporate income tax

Net income = Pre - tax income - Corporate income tax. So, Net income=$88000 - 18480$. $88000-18480 = 69520$.

Answer:

$69520$