Lennox Limited reported sales of $5,000,000, cost of goods sold of $3,200,000, operating expenses of $1,400,000, and income tax expense of $160,000 for the year.What was their net income for the year?

Question

Quizplus · Accepted Answer

Net income is calculated by subtracting cost of goods sold, operating expenses, and income tax expense from sales. So, $5,000,000 - $3,200,000 - $1,400,000 - $160,000 = $240,000.

Lennox Limited Reported Sales of $5,000,000, Cost of Goods Sold