Question 20 Fashion Retailers, Inc.s income statement for the year ended December 31,...
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Accounting
Question 20
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Fashion Retailers, Inc.s income statement for the year ended December 31, 20X8 included the following accounts:
Sales.$72,000,000
Cost of goods sold$50,400,000
Selling expenses (total)$12,000,000
General and administrative expenses.$8,000,000
Income tax expense...$480,000
What was the net income for the year-ended December 31, 20X8?
a. $1,120,000.
b. $2,500,000.
c. $1,600,000.
d. $21,600,000.
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