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|200|235|\n|cogs|(70)|(85)|\n|gross profit|130|150|\n|overhead|(40)|(50)|\n|pre - tax income|90|100|\ncorporate income tax = $18,900\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|200|235|\n|cogs|(70)|(85)|\n|gross profit|130|150|\n|overhead|(40)|(50)|\n|pre - tax income|90|100|\ncorporate income tax = $18,900\nnet income = $?

Answer

Answer:

$71,100$

Explanation:

Step1: Identify pre - tax income

Pre - tax income for Q1 is $90\times1000 = 90000$ dollars.

Step2: Calculate net income

Net income=Pre - tax income - Corporate income tax. So, $90000 - 18900=71100$ dollars.