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|115|175|\n|cogs|(33)|(34)|\n|gross profit|82|141|\n|overhead|(32)|(49)|\n|pre - tax income|50|92|\ncorporate income tax = $19,320\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|115|175|\n|cogs|(33)|(34)|\n|gross profit|82|141|\n|overhead|(32)|(49)|\n|pre - tax income|50|92|\ncorporate income tax = $19,320\nnet income = $?

Answer

Explanation:

Step1: Identify pre - tax income for Q2

Pre - tax income for Q2 is $92\times1000 = 92000$ (since the values in the table are in thousands).

Step2: Calculate net income

Net income = Pre - tax income - Corporate income tax. Net income=$92000 - 19320$ $= 72680$

Answer:

$72680$