67. Income Statement Calculation  

XYZ Corporation reports the following financial information: Sales Revenue $280,000, Cost of Goods Sold $110,000, Operating Expenses $60,000, Interest Expense $8,000, and Income Tax Expense $15,000. Calculate the net income for XYZ Corporation and explain the calculation.

To calculate XYZ Corporation's net income, we start with the company's total revenue and deduct expenses. Beginning with sales revenue, we subtract the cost of goods sold and operating expenses to determine the operating income. Then, we deduct interest expense and income tax expense from operating income to arrive at the net income, representing the profit after all expenses.