Emily Lim owns and runs an ice cream parlor in San Diego. Last year, she had sales of S460 ,000 and an average tax rate of 27%. She spent S46.000 on ingredients, $23,000 on utilities, and $82,800 to rent the premises. Emily has a few employees and paid them $92,000 in wages in total. She also paid herself a salary of $69,000 and spent $46,000 to pay for employee benefits. A few years ago, Emily borrowed money to buy the ice making equipment. Last year, she paid $23,000 in interest on that loan. Depreciation for the equipment was $13,800 . What was operating income (EBIT) for the year? What was net income for the year?
