Computation of net income from given datause the following

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Computation of net income from given data.

Use the following information to calculate the company's accounting net income for the year.

Credit Sales	$500,000
Cash Sales	$300,000
Operating Expenses on Credit	$400,000
Cash Operating Expenses	$200,000
Accounts Receivable (Beg. of Year)	$20,000
Accounts Receivable (End of Year)	$40,000
Accounts Payable (Beg. of Year)	$50,000
Accounts Payable (End. of Year)	$25,000
Corporate Tax Rate	40%

a. $60,000
b. $120,000
c. $39,000
d. $147,000

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