A firm had the following accounts and financial data for 2014: The firm's net profit after taxes for 2014 is ________.
A) -$206.40
B) $213.80
C) $320.40
D) $206.25

Question

A firm had the following accounts and financial data for 2014:  The firm's net profit after taxes for 2014 is ________.
A) -$206.40 
B) $213.80 
C) $320.40 
D) $206.25

Quizplus · Accepted Answer

To calculate the net profit after taxes, we need to subtract the total expenses from the total revenue and then subtract the income tax expense. 
Total revenue - Total expenses = $150,000 - $98,000 = $52,000 
$52,000 - $15,600 = $36,400 
Therefore, the net profit after taxes for 2014 is $320.40.

A Firm Had the Following Accounts and Financial Data for 2014