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Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946

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BuyFindarrow_forward

Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946
Textbook Problem

If a retailer has revenues of $700,000, cost of goods sold that total $270,000, and operating expenses that total $200,000, what is its net income before taxes?

Summary Introduction

To determine: The net income before taxes.

Introduction: Earnings before interest and taxes (EBIT) additionally termed as operating income, is a productivity estimation that ascertains the operating incomes of an organization by subtracting the cost of goods sold and operating costs from total incomes.

Explanation

Determine the net income before taxes

It is given that the revenues are $700,000, costs of goods sold are $270,000 and operating expenses are $200,000.

NetIncomeBeforeTaxes=[RevenuesCostofGoods

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