During the assessment of XYZ Corp.'s income statement for the fiscal year ended December 31, 2022, it was noted that the company reported: Total Revenues: $2,500,000 Cost of Goods Sold (COGS): $1,500,000 Operating Expenses: $600,000 Interest Expense: $100,000 Tax Rate: 30% Based on the provided information, what is the Net Income for XYZ Corp.?

Exam

CFA Level 1

Section

Difficulty

Financial Reporting and Analysis

Net Income Calculation for XYZ Corp.

Hard Financial Statements Income Statement

During the assessment of XYZ Corp.'s income statement for the fiscal year ended December 31, 2022, it was noted that the company reported:

Based on the provided information, what is the Net Income for XYZ Corp.?

Net Income is $420,000.

Net Income is $490,000.

Net Income is $560,000.

Submitted4.9K

Correct3.5K

% Correct71%