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California Retailing Inc. has sales of $4,000,000; the firm's cost of goods sold is $2,500,000; and its total operating expenses (including depreciation) are $600,000. The
California Retailing Inc. has sales of $4,000,000; the firm's cost of goods sold is $2,500,000; and its total operating expenses (including depreciation) are $600,000. The firm's times interest earned (TIE) ratio is 3.6, and the corporate tax rate is 40%. What is California Retailing's net income? (Hint: Start at the top of the Income Statement and work your way down.). $350,000 $288,000 $390,000 O $377,000
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