Imagine a company, Bright Technologies, that recently finalized its income statement for the fiscal year. The statement reported the following figures: Net Sales: $800,000 Cost of Goods Sold (COGS): $500,000 Operating Expenses: $150,000 Income Tax Expense: $30,000 Given these figures, which of the following represents the company's Net Income?

Exam

CFA Level 1

Section

Difficulty

Financial Reporting and Analysis

Calculating Net Income from Income Statement Items

Medium Financial Statements Income Statement

Imagine a company, Bright Technologies, that recently finalized its income statement for the fiscal year. The statement reported the following figures:

Net Sales: $800,000
Cost of Goods Sold (COGS): $500,000
Operating Expenses: $150,000
Income Tax Expense: $30,000

Given these figures, which of the following represents the company's Net Income?

Net Income is $120,000.

Net Income is $200,000.

Net Income is $50,000.

Hint

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