1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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

You might be interested in
Simon Company’s year-end balance sheets follow.
klemol [59]

Answer:

The answer is given below;

Explanation:

Days sales in inventory-2017= Average Inventory/Cost of goods sold*365

                                =(115,000+85,000)/2/(458,674)/365

                                =(100,000/458,674)*365

                                =80 days

Days sales inventory 2016= (85,000+56,000)/2/(385,686)*365

                                            =(70,500/385,686)*365

                                             =67 days

3 0
3 years ago
The cost of goods sold for Michaels Manufacturing in the current year was $233,000. The January 1 finished goods inventory balan
VMariaS [17]

Answer: d. $240,400

Explanation:

To calculate the Cost of Goods sold for the year we simply add the Opening Balance of Finished goods to the Cost of Goods for the year and then subtract the Finished goods balance at year end (ending).

That would be,

= 233,000 + 31,600 - 24,200

= $240,400

$240,400 is the Cost of Goods sold for the year so Option D is correct.

8 0
3 years ago
Forecasted depreciation expense, commonly estimated as: [(Current year depreciation expense / Prior year PPE, net) x Current yea
Radda [10]

Answer: True

Explanation:

The Statement of Cash flows is prepared to show the cash transactions of a company and only cash. The effect of anything non cash is not shown.

Depreciation is a non-cash expense which means that it reduces the net income without actually reducing the cash to the company. It would therefore be added back to the cash balance of the company so as to reflect that it did not reduce cash. The addition will be in the operating activities of the Statement of Cashflows.

8 0
3 years ago
Workers who are not good team members might cause ______. A. Increased quality b. Reduced management c. Increased self-esteem d.
adoni [48]

From the given choices for the question, the best answer would be (C) reduced productivity.

When there is a worker who isn’t a good team member in a group, the productivity of the entire group would be decreased. For example, if the worker doesn’t contribute his or her share of work, that would impact the group’s work tempo in completing the assigned goal.

7 0
3 years ago
Read 2 more answers
How do I speak The language of Ayapaneco because I need it to communicate with my fish so i can teach them how to swim
soldier1979 [14.2K]

Explanation:

!-"-$-$+(_(_(_+_++_+_+_+_+_++_+_+_+_+

5 0
3 years ago
Read 2 more answers
Other questions:
  • Which ratio is helpful in understanding whether the relationship between cash and marketable securities is reasonable in relatio
    14·1 answer
  • The manager of the bank where you work tells you that your bank has $10 million in excess reserves. she also tells you that the
    9·1 answer
  • Anderson Corporation has provided the following production and average cost data for two levels of monthly production volume. Th
    15·1 answer
  • A values-based ethics culture _____. a. excludes Upper Management Board, but relies solely on the Board of Directors to add to g
    15·1 answer
  • In a _____ organizational structure, personnel often report to both a functional manager and one or more project managers. matri
    8·1 answer
  • Skymont Company wants a raw materials ending inventory each month equal to 30% of that month's production needs. The production
    14·1 answer
  • Leach Inc. experienced the following events for the first two years of its operations:
    15·1 answer
  • Lawn Chopper Company sells two types of lawn mowers. The first one is a basic lawn mower, which has variable costs of $50 and se
    10·1 answer
  • Do you imagine yourself becoming an entrepreneurship and managing your business in the future?
    15·2 answers
  • Kevin works in an airline office. He has a habit of visiting social networking sites on his office computer during work hours. W
    11·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!