Use the following information to calculate the company's accounting net income for the year.
Credit Sales
$800,000
Cash Sales
$500,000
Operating Expenses on Credit
$200,000
Cash Operating Expenses
$700,000
Accounts Receivable (Beg. of Year)
$50,000
Accounts Receivable (End of Year)
$80,000
Accounts Payable (Beg. of Year)
$50,000
Accounts Payable (End of Year)
$100,000
Corporate Tax Rate
40%
A. $125,000
B. $240,000
C. $120,000
D. $300,000