Accounting

4. The trial balance for XYZ Company as of 31/12/2020 indicated the following balances for year 2020: Sales Revenues:$800,000; Dividends revenues $5,000; Sales Returns and allowances $8,000; Cost of Goods Sold $400,000, Selling expenses $70,000; Loss on sale of land $4,000; Interest expenses 15,000; Administrative and General Expenses $90,000; Loss on discounted operations $60,000; tax rate 20%. Calculate the net income for year 2020