Calculate Net Income Given the Following Information: Tax Rate =

question 23

Multiple Choice

Calculate net income given the following information: tax rate = 30%; times interest earned = 10.75 times; sales = $4,500; cost of goods sold = $1,600; general and administrative expenses = $750.

• A) $965
• B) $1,065
• C) $1,165
• D) $1,265
• E) $1,365

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Definitions:

Standard Deviation

An indicator that quantifies the spread or diversity among data set values, showing the degree to which these values deviate from the average.

Mean

The arithmetic average of a set of numbers, calculated by adding up all the values and dividing by the number of values.

Pounds

A unit of weight commonly used in the United States and the United Kingdom, equivalent to 0.453592 kilograms.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values, indicating how spread out the values are around the mean.