Slate Corp is a merchandising company that uses the periodic inventory system. Balances Sales 500,000Purchases 225,000Inventory (beginning ) 16,000Inventory (ending) 30,000Operating expenses...

Slate Corp is a merchandising company that uses the periodic inventory system. Balances Sales 500,000 Purchases 225,000 Inventory (beginning ) 16,000 Inventory (ending) 30,000 Operating expenses 148,000 Income tax expense 10,000 Retained earnings (beginning) 53,000 Dividends 15,000 What is the net income?