Salty's Surfshop reported Net Sales of $258,000,Cost of Goods Sold of $110,500,Operating Expenses of $62,400,and Income Tax Expense of 21,600.Salty's net income percentage was:

Question

Quizplus · Accepted Answer

Net income is calculated as Net Sales minus Cost of Goods Sold, Operating Expenses, and Income Tax Expense. Net income = $258,000 - $110,500 - $62,400 - $21,600 = $63,500. The net income percentage is then ($63,500 / $258,000) * 100 = 24.61%.

Salty's Surfshop Reported Net Sales of $258,000,Cost of Goods Sold