Common Stock Dividends Paid $29,554 Cost of Goods sold $133,608 Depletion Expense $21,418 Preferred Stock Dividends Paid $16,172 Sales $322,000 Calculate Gormet's net income.

Gormet's net income is $166,974.00  

Explanation:

The formula for computing net income is shown below prior to the  determination of net income:

net income=Sales-Cost of Goods sold-Depletion Expense

Sales=$322,000

Cost of Goods=$133,608

depletion expense=$21,418

net income=$322,000-$133,608-$21,418

net income=$166,974.00  

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