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|200|317|\n|cogs|(60)|(95)|\n|gross profit|140|222|\n|overhead|(100)|(120)|\n|pre - tax income|40|102|\ncorporate income tax = $21,420\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|200|317|\n|cogs|(60)|(95)|\n|gross profit|140|222|\n|overhead|(100)|(120)|\n|pre - tax income|40|102|\ncorporate income tax = $21,420\nnet income = $?

Answer

Explanation:

Step1: Identify pre - tax income for Q2

Pre - tax income for Q2 is $102\times1000 = 102000$ dollars.

Step2: Calculate net income

Net income = Pre - tax income - Corporate income tax. So, Net income=$102000 - 21420$. $102000-21420 = 80580$

Answer:

$80580$