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Management MSFI 401 OrientationAccountingSample ProblemsA company’s most recent annual income statement had the following selected information:Sales $1,000Selling, general and administrative $200No interestA 50% tax rateCost of good sold of $400Depreciation (broken out separately) of $100No other expensesWhat was the company’s net income?A company sold $40,000 of products during the year to customers on credit. During.