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Pet Sounds had sales of $12 million in 2022. Its cost of goods sold was $9 million, and it had selling, general, and administrative expenses
Pet Sounds had sales of $12 million in 2022. Its cost of goods sold was $9 million, and it had selling, general, and administrative expenses of $1.1 million. The firm paid $100,000 in interest to its bond holders and $50,000 in dividends to its shareholders. For simplicity, assume a flat tax rate of 21%. Pet Sounds net income for 2022 was: (a) $3.00 million (b) $1.90 million (c) $1.80 million (d) $1.75 million (e) $1.42 million
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