Company ABC reports the following financial data: Sales Revenue $400,000, Cost of Goods Sold $150,000, Operating Expenses $100,000, Interest Expense $20,000, and Income Tax Expense $50,000. Calculate the net income for Company ABC and explain the calculation process.

To calculate the net income for Company ABC, we start with the total sales revenue and deduct the cost of goods sold and operating expenses to arrive at the gross profit. Then, we subtract interest expenses and income tax expenses from the gross profit. The resulting figure represents the net income for Company ABC after accounting for all expenses and taxes.