During the fiscal year ended 2014, a company had revenues of $400,000, cost of goods sold of $280,000, and an income tax rate of 30 percent on income before income taxes. what was the company's 2014 net income? $120,000. $36,000. $84,000. $400,000.

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26-02-2018
Business

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During the fiscal year ended 2014, a company had revenues of $400,000, cost of goods sold of $280,000, and an income tax rate of 30 percent on income before income taxes. what was the company's 2014 net income? $120,000. $36,000. $84,000. $400,000.

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MrBalduzzi MrBalduzzi · Answer 1 · 2018-02-28T19:58:13+01:00

$84,000. Net Income (NI) is the residual or remainder amount of income after all expenses. Here, the company has revenues of $400,000 and cost of goods sold (COGS) of $280,000 for a gross income of $120,000 (the difference between revenues and COGS). The only selling expense is the tax of 30 percent on the income, so we subtract 30 percent of the gross income, or $36,000, from the gross income to get $84,000 for the Net Income.