Fashion Retailers, Inc.’s income statement for the year ended December 31, 20X8 included the following accounts:

Sales………………………………………………………….$72,000,000

Cost of goods sold……………………………………………$50,400,000

Selling expenses (total)………………………………………$12,000,000

General and administrative expenses………………………….$8,000,000

Income tax expense…………………………………...…………$480,000

What was the net income for the year-ended December 31, 20X8?

 

Answer rating: 100% (QA)

To calculate the net income subtract the cost of goods sold selling expenses general and adminis... View the full answer