Marcos Company Reported the Following Items on Its Financial Statements

question 24

Multiple Choice

Marcos Company reported the following items on its financial statements for the year ending December 31,2017:

$$\begin{array} { l r l r } \text { Sales } & \$ 560,000 & \text { Cost of goods sold } & \$ 410,000 \\\text { Salary expense } & 40,000 & \text { Interest expense } & 30,000 \\\text { Dividends } & 20,000 & \text { Income tax expense } & 25,000\end{array}$$ How much will be reported as net income on Marcos' balance sheet at December 31,2017,if this is the first year of operations?

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