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kodGreya [7K]
3 years ago
13

Frank Town Farms has sales of $481,600, costs of $379,700, depreciation expense of $32,100, and interest paid of $8,400. The tax

rate is 32%. How much net income did the firm earn for the period?A. $41,752B. $43,090C. $43,380D. $45,671E. $45,886
Business
1 answer:
Vinvika [58]3 years ago
4 0

Answer:

net income = $41752

so correct option is A. $41,752

Explanation:

given data

sales price = $481,600

costs price = $379,700

depreciation expense = $32,100

interest paid = $8,400

The tax rate = 32%

to find out

net income did the firm earn for the period

solution

we get here net income that earn for the period is express as

net income = ( sales price - costs price - depreciation expense - interest paid ) × ( 1 - tax rate )   ......................... 1

put here value we get

net income = ( $481,600 - $379,700 - $32,100 - $8,400 ) × ( 1 - 32% )

net income = $41752

so correct option is A. $41,752

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