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|165|115|\n|cogs|(52)|(67)|\n|gross profit|113|48|\n|overhead|(28)|(26)|\n|pre - tax income|85|22|\ncorporate income tax = $17,850\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|165|115|\n|cogs|(52)|(67)|\n|gross profit|113|48|\n|overhead|(28)|(26)|\n|pre - tax income|85|22|\ncorporate income tax = $17,850\nnet income = $?

Answer

Explanation:

Step1: Identify pre - tax income for Q1

Pre - tax income for Q1 is $85\times1000 = 85000$ (since the values in the table are in thousands).

Step2: Calculate net income

Net income = Pre - tax income - Corporate income tax. Net income=$85000 - 17850$. $85000-17850 = 67150$

Answer:

$67150$