The Thomas Corporation is planning on expanding sales next year by selling on credit. It predicts its cash sales will be $300,000 and its credit sales will be $40,000. The cost of goods sold is expected to be 55% of sales. Salaries and wages expense, insurance expense, rent expense, and supplies expense are expected to total 20% of sales. Ten percent of credit sales are expected to be uncollectible. Income taxes expense is expected to be 35% of income before taxes Determine the company's expected net income for next year a. $33,150 b. $55,250 c. 52,650 d. $48,750