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Nataly [62]
3 years ago
9

During the year, belyk paving co. had sales of $2,384,000. cost of goods sold, administrative and selling expenses, and deprecia

tion expense were $1,441,000, $436,600, and $491,600, respectively. in addition, the company had an interest expense of $216,600 and a tax rate of 35 percent. (ignore any tax loss carryback or carryforward provisions.) (enter your answer as directed, but do not round intermediate calculations.)
Business
1 answer:
Jet001 [13]3 years ago
7 0

Complete question :

During the year, belyk paving co. had sales of $2,384,000. cost of goods sold, administrative and selling expenses, and depreciation expense were $1,441,000, $436,600, and $491,600, respectively. in addition, the company had an interest expense of $216,600 and a tax rate of 35 percent. (ignore any tax loss carryback or carryforward provisions.) (enter your answer as directed, but do not round intermediate calculations.)

What is the company's net income?

Answer:

($201,200)

Explanation:

Given the following :

Sales made = $2,384,000

Cost of goods sold = $1,441,000

Administrative and selling expenses = $436,600

Depreciation Expense = $491,600

Interest expense = $216,600

Tax rate = 35%

Gross profit : Sales made - cost of goods sold

Gross profit = (2,384,000 - 1,441,000) = $ 943,000

Expenses : (Depreciation Expense + Administrative and selling expense)

Expenses : ( $491,600 + $436,600) = $928,200

Operating income = Gross profit - expenses

Operating income = (943,000 - 928,200) = 14,800

Interest expense = $216,600

Net income = Operating income - interest expense

Net income = $14,800 - $216,600

Net income = - $201,200

Net income = $(201,200)

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