calculate the net income after corporate income tax is paid for quarter 1.\nincome statement\n| |q1…

calculate the net income after corporate income tax is paid for quarter 1.\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 = $10,500\nnet income = $?

calculate the net income after corporate income tax is paid for quarter 1.\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 = $10,500\nnet income = $?

Answer

Explanation:

Step1: Identify pre - tax income for Q1

Pre - tax income for Q1 is $50\times1000 = 50000$ dollars.

Step2: Subtract corporate income tax

Net income = Pre - tax income - Corporate income tax. So, Net income=$50000 - 10500$.

Answer:

$39500$