A firm had gross profits from sales in the amount of $180,000, operating expenses of $90,000, and

Question:

A firm had gross profits from sales in the amount of $180,000, operating expenses of $90,000, and federal incomes taxes of

$20,000. What was the firm’s net income after taxes?

a. $10,000

b. $20,000

c. $70,000

d. $90,000

e. $200,000

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