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netineya [11]
3 years ago
13

Griffin's Goat Farm, Inc., has sales of $796,000, costs of $327,000, depreciation expense of $42,000, interest expense of $34,00

0, and a tax rate of 21 percent. What is the net income for this firm
Business
2 answers:
wolverine [178]3 years ago
8 0

Answer:

Net Income = $310,470

Explanation:

Given:

Sales during the year = $796,000

Cost of goods sold = $327,000

Depreciation expenses = $42,000

Interest expense = $34,000

Tax rate = 21%

Net income during the year = ?

<u>Computation of net income:              </u>    

<u>Particular                               Amount </u>

Sale value                            $796,000

Less: Cost                            $327,000

Less: Depreciation              $42,000

<u>Less</u><u>: Interest expense        $34,000   </u>

<u>Gross profit                         $393,000 </u>

<u>Less</u><u>: Tax 21% of G.P            $82,530   </u>

<u>Net Income                          $310,470</u>

Therefore, net income for the firm is $310,470

mote1985 [20]3 years ago
6 0

Answer:

The correct answer is $310,470.

Explanation:

According to the scenario, the computation of the given data are as follows:

First we calculate gross profit:

Gross profit = Sales - Cost of Goods Sold = $796,000 - $327,000 = $469,000

Now, Earnings Before Tax = Gross profit - Depreciation - Interest

= $469,000 - $42,000 - $34,000 = $393,000

So, Net income = Earnings Before Tax - Tax percent on EBT

= $393,000 - 21% × $393,000

= $393,000 - $82,530

= $310,470

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