To calculate the net income after corporate income tax is paid for Quarter 1, follow these steps:
1. Identify Pre-tax Income for Q1:
The provided income statement indicates that the pre-tax income for Quarter 1 is \$50,000 (noting that values in the table are given in thousands).
2. Determine Corporate Income Tax:
The corporate income tax for Quarter 1 is specified as \$10,500.
3. Calculate Net Income:
The net income is found by subtracting the corporate income tax from the pre-tax income:
[tex]\[
\text{Net Income} = \text{Pre-tax Income} - \text{Corporate Income Tax}
\][/tex]
Substitute the given values into the formula:
[tex]\[
\text{Net Income} = \[tex]$50,000 - \$[/tex]10,500
\][/tex]
4. Solve the Calculation:
[tex]\[
\text{Net Income} = \$39,500
\][/tex]
Hence, the net income after corporate income tax is paid for Quarter 1 is \$39,500.
