Colby Corporation has provided the following information Operating revenues from customers were $199,700. ·Operating expenses forthe store were $111,000. Interest expense was $9,200. Gain from sale of plant and equipment was $3,300. Dividend payments to Colby's stockholders were $7,700 Income tax expense was $36,000 Prepaid rent expense was $5,000 How much was Colby's net income? a. $39,100 b. $48,300 c. $52.700 d. $46,800

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Ashlyn

Business

25 October, 20:10

Colby Corporation has provided the following information Operating revenues from customers were $199,700. ·Operating expenses forthe store were $111,000. Interest expense was $9,200. Gain from sale of plant and equipment was $3,300. Dividend payments to Colby's stockholders were $7,700 Income tax expense was $36,000 Prepaid rent expense was $5,000 How much was Colby's net income? a. $39,100 b. $48,300 c. $52.700 d. $46,800

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Anderson Murray · Answer 1

d. $46,800

Explanation:

Operating revenues $199,700

Less:

Operating expenses $111,000

Operating Profit $88,700

Less:

Interest expense $9,200

Income tax expense $36,000

Net Income $43,500

Add:

Gain from sale $3,300

Total Net Income $46,800