20. Income Statement Calculation 

Consider EFG Company's financial data: Sales Revenue $200,000, Cost of Goods Sold $80,000, Operating Expenses $60,000, Interest Expense $7,000, and Income Tax Expense $13,000. Calculate the net income for EFG Company and present the calculation in bullet points.

• Sales Revenue: $200,000
• Cost of Goods Sold: ($80,000)
• Operating Expenses: ($60,000)
• Interest Expense: ($7,000)
• Income Tax Expense: ($13,000)

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Net Income: $40,000