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Studentka2010 [4]
3 years ago
9

Griffin's Goat Farm, Inc., has sales of $604,000, costs of $255,000, depreciation expense of $53,000, interest expense of $35,00

0, and a tax rate of 23 percent. What is the net income for this firm
Business
1 answer:
Alona [7]3 years ago
7 0

Answer:

The answer is $200,970

Explanation:

Solution

Given that

Now

Sales =$604,000

Costs= $255,000

Depreciation=$53,000

Thus

EBIT (Earnings before taxes and interest)=$296,000

The interest Expense = $35,000

Taxable income =$200,970

Taxes($261,000 * 23% =$60,030

The net income = $200,970

Therefore the net income for the firm is $200,970

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The option of sticking with the current business lineup makes sense when
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3 0
3 years ago
Ritchie Manufacturing Company makes a product that it sells for $200 per unit. The company incurs variable manufacturing costs o
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Answer :

Break even units = 10,500

Break even amount = $2,100,000

Explanation :

As per the data given in the question,

a) Break even units = Fixed expense ÷ CM per unit b ÷ (a - c)

= ($466,000 + $269,000) ÷ ($200 - $110 - $20)

= 10,500 units

b) Break even amount = b ÷ (a ÷ c)

= ($466,000 + $269,000) ÷ ($70 ÷ $200)

= $2,100,000

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where,

Contribution margin = Selling price per unit - variable expenses per unit

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= $735,000 ÷ $70

= 10,500 units

Break even dollars = Fixed expense ÷ Contribution margin ratio

= $735,000 ÷ 0.35

= $2,100,000

d) Contribution margin income statement:

Sales = 10,500 × $200 = $2,100,000

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Contribution margin $735,000

Less Fixed Expense $735,000

Net Operating Income = $0

6 0
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