In a condition where Griffin Goat Far Inc., has sales of 666000, depreciation expense of 72000, interest expense of 46000, and a tax rate of 24 percent, the net income of this firm will be $416,480.
<h3>What is the significance of net income?</h3>
The net income can be referred to or considered as the surplus difference between the gross income and the expenses plus taxes of an organization for a given period.
Using the given information, it can be interpreted that,
Net Income = 666,000 – (72,000 + 46,000) – 24%
Net Income = 666,000 – 118,000 – 24%
Net Income = 548,000 – 24%
Net Income = $416,480
Therefore, the significance regarding the net income has been aforementioned.
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