The following information relates to Newman and Foster, Inc
Sales Revenue $240,000
Cost of Goods Sold 150,000
Interest Revenue 12,000
Operating Expenses 42,500
Sales Discounts 18,000
Sales Returns and Allowances 7,000
Calculate the net income of Newman and Foster.
A) $22,500
B) $34,500
C) $77,500
D) $240,000
B .Sales Revenue $240,000
Sales Discounts -18,000
Sales Returns and Allowances -7,000
Net Sales $215,000
Cost of Goods Sold -150,000
Gross Profit $65,000
Operating Expenses -42,500
Operating Income $22,500
Interest Revenue 12,000
Net Income $34,500
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