Cushman Company had $830,000 in sales, sales discounts of $12,450, sales returns and allowances of $18,675, cost of goods sold of $394,250, and $285,520 in operating expenses. Net income equals:(Ans) Option "d" - $119105
Net income is calculated as follows
Gross Profit
less Operating Expenses
less Administrative Expenses
less Taxes
less Interest on Debt
add Other Income
= Net Income
Step 2
Sales = $830000
Less: Sales Discounts = $12450
Sales returns = $18675 ($31125)
Net Sales = $798875
Cost of Goods sold = ($394250)
Gross Profit = $404625
Operating expenses = ($285520)
Net income = $119105
Total net income is $119105.
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