multiple choice daniel sold $54,000 worth of tires in the month of march. his tire inventory cost him…

multiple choice daniel sold $54,000 worth of tires in the month of march. his tire inventory cost him $22,000, and he paid $3,000 in taxes. what was daniels net income for march? a $29,000 b $51,000 c $32,000 d $22,000

multiple choice daniel sold $54,000 worth of tires in the month of march. his tire inventory cost him $22,000, and he paid $3,000 in taxes. what was daniels net income for march? a $29,000 b $51,000 c $32,000 d $22,000

Answer

Answer:

A. $29,000

Explanation:

Step1: Calculate gross profit

Gross\ profit = Revenue - Cost\ of\ inventory Gross\ profit=54000 - 22000=32000$

Step2: Calculate net income

Net\ income = Gross\ profit - Taxes Net\ income = 32000-3000 = 29000$