Question
Bay Camera The company reported the following items on its financial statements for the current year ended December 31: Sales $780,000 Cost of Sales
Bay Camera
The company reported the following items on its financial statements for the current year ended December 31:
| Sales | $780,000 | Cost of Sales | $700,000 | |
| Selling, general & administrative expense | 20,000 | Other Expense | 15,000 | |
| Dividends | 5,000 | Income Tax Expense | 12,500 |
What is the company's Net Income for the current year?
a. $32,500
b. $42,500
c. $22,500
d. $80,000
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Fraud Examination
Authors: W. Steve Albrecht, Chad O. Albrecht, Conan C. Albrecht, Mark F. Zimbelman
5th edition
1305079140, 978-1305079144
