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nasty-shy [4]
3 years ago
15

Meric Mining Inc. recently reported $15,000 of sales, $7,500 of operating costs other than depreciation, and $1,200 of depreciat

ion. The company had no amortization charges, it had outstanding $6,500 of bonds that carry a 6.25% interest rate, and its federal-plus-state income tax rate was 35%. How much was the firm's net income after taxes? Meric uses the same depreciation expense for tax and stockholder reporting purposes.
Business
1 answer:
fomenos3 years ago
4 0

Answer:

final net income = $3830.9375

Explanation:

GIVEN DATA:

sales = $15000

DEPRECIATION = $1200

interest rate = 6.25%

federal+state income tax rate -  35%

OPERATING COST EXCLUDING DEPRECIATION = $7500

total  operating cost = 7500+ 1200 = $8700

interest given = 6500*0.0625=406.25

net income with tax= 15000-8700-406.25 = 5893.75

final net income = 5893.75*(1-0.35)=3830.9375

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