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At year-end, Xenon Manufacturers had Sales Revenue of $987,000. Its Cost of Goods Sold was 30% of Sales Revenue. Operating expenses for the year included
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At year-end, Xenon Manufacturers had Sales Revenue of $987,000. Its Cost of Goods Sold was 30% of Sales Revenue. Operating expenses for the year included $205,000 of Selling Expenses and $56,000 of General and Administrative Expenses. The balance in the Prepaid Expenses was $22,000 at the end of the year. What was the net income for Xenon Manufacturers at the end of the year?
a. $451,900
b. $429,900
c. $407,900
d. $704,000
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