Purrfect Pets had income before income tax of $164,000 last quarter and a 34% tax rate.Its net income should be reported as:

Name: Purrfect Pets had income before income tax of $164,000 last quarter and a 34% tax rate.Its net income should be reported as:
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Net income = Income before income tax - (Income before income tax x tax rate)
Net income = $164,000 - ($164,000 x 0.34)
Net income = $164,000 - $55,760
Net income = $108,240
Therefore, the net income should be reported as $108,240.

Purrfect Pets Had Income Before Income Tax of $164,000 Last