Imagine you are a financial analyst at PQR Inc. The company is preparing its income statement for the year ending December 31, 2023. Given the following information, compute the Net Income:
•Sales Revenue: $500,000
•Beginning Inventory: $30,000
•Purchases: $200,000
•Ending Inventory: $50,000
•Operating Expenses: $100,000
•Depreciation Expense: $20,000
•Interest Expense: $10,000
•Tax Rate: 30%