$122,000 is Shulster's net income
To find the net income, subtract expenses and taxes from the gross income.
380,000 - 210,000 - 48,000 = 122,000
Answer:
$122,000
Explanation:
Gross profit is the difference between the revenue and cost of sales.
The gross profit less the operating expenses gives operating profits while a further deduction of the income taxes gives the net income after tax.
Going by the analysis above,
gross profit = $380,000, operating expenses = $210,000, and income taxes = $48,000
net income after tax = $380,000 - $210,000 - $48,000
= $122,000
Schluster's net income after taxes is $122,000
