The Following Information Relates to Newman and Foster,Inc Calculate the Net Income of Newman and Foster

The following information relates to Newman and Foster,Inc. $$\begin{array} { | l | r | } \hline \text { Sales Revenue } & \$ 240,000 \\\hline \text { Cost of Goods Sold } & 150,000 \\\hline \text { Interest Revenue } & 12,000 \\\hline \text { Operating Expenses } & 42,500 \\\hline \text { Sales Discounts } & 18,000 \\\hline \text { Sales Returns and Allowances } & 7,000 \\\hline\end{array}$$ Calculate the net income of Newman and Foster.

A) $22,500
B) $34,500
C) $77,500
D) $240,000