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
tangare [24]
3 years ago
12

sales of $1.67 million, cost of goods sold of $810,800, depreciation expenses of $175,000, and interest expenses of $89,575. Ass

ume that the firm has an average tax rate of 35 percent. What is the company’s net income? Set up an income statement to answer the question.
Business
1 answer:
Hunter-Best [27]3 years ago
5 0

Answer:

Net income= 561,506.25

Explanation:

Giving the following information:

sales of $1.67 million, cost of goods sold of $810,800, depreciation expenses of $175,000, and interest expenses of $89,575.

Tax= 35 percent

We need to determine the net income.

Sales= 1,670,000

COGS= (810,800)

Gross profit= 859,200

Depresiation= (175,000)

Interest= (89,575)

EBT= 594,625

Tax= (594,625*0.35)= (208,118.75)

Depreciation= 175,000

Net income= 561,506.25

You might be interested in
Freda is a cash basis taxpayer. In 2019, she negotiated her salary for 2020. Her employer offered to pay her $21,000 per month i
nataly862011 [7]

Answer:

A. N0

B. She may likely bargain for the payments that was reason been that she expects the payments to be in a lower marginal tax bracket in 2021

C. NO

Explanation:

a. No .Based on the information given the amount of $252,000 was NOT constructively received in the year 2020 reason been that She has the amount of $132,000 which is a deferred income amount that

is not constructively received in 2019 and the reason why the amount was not received was because been under the main contract terms she did not have the sole right to receive the income in the year 2020.

b. Freda's willingness to spread her salary over a longer period of time may be due to the fact that She may likely bargain for the payments reason been that she expects the payments to be in a lower marginal tax bracket in the year 2021

c. Based on the information given she is NOT in constructive receipt of the income in the year 2020.

4 0
2 years ago
Jacob and Marla were both presented with a complex accounting issue that neither had seen before. Marla was able to look at the
devlian [24]

Answer: Generally, when trying to solve a complex accounting problem in which there are obstacles and little knowledge about the subject, the most advisable thing is to work from a conceptual framework which serves as a guide to find a reasonable answer to the problem in question. In this case Marla was clearly working with a conceptual framework, and instead Jacob was not.

4 0
3 years ago
Amber’s academic adviser has asked her to set 3 academic goals for this semester. these goals are most likely to be accomplished
Kisachek [45]
Had to look for the options and here is my answer:

Since Amber was assigned by her academic adviser some academic goals, how these goals could be accomplished is by writing or noting down her goals. This way, she will have a guide on what to do first and the task will do done smoothly.
4 0
3 years ago
Suppose that Jacob's assets include a motorcycle worth $12,000 and a checking account with a $3,000 balance, while his liabiliti
Sonbull [250]
Answer is A






Explanation:
7 0
2 years ago
the two principal policy tools that the federal government uses to manage economic conditions are monetary policy and fiscal pol
steposvetlana [31]

Monetary policy is used to control the size of the money supply to stimulate or moderate business activity levels in the economy. in contrast, fiscal policy uses government spending and taxation to do the same.

<h3>What is monetary and fiscal policy?</h3>

Fiscal policy are the steps taken by the government to change the business levels in the economy. The tools of fiscal policy are taxes and government spending. Fiscal policy can be expansionary or contractionary.

Expansionary fiscal policy is when the government increases the money supply in the economy either by increasing spending or cutting taxes. Contractionary fiscal policies is when the government reduces the money supply in the economy either by reducing spending or increasing taxes

Monetary policy are policies taken by the central bank of a country to shift aggregate demand. The tools of monetary policy are open market operations, reserve requirement and discount rate.

Expansionary monetary policy are polices taken in order to increase money supply. Contractionary monetary policy are policies taken to reduce money supply.

To learn more about monetary policy, please check: brainly.com/question/3817564

#SPJ1

7 0
1 year ago
Other questions:
  • Weston acquires a new office machine (7-year class asset) on August 2, 2017, for $75,000. This is the only asset Weston acquired
    12·1 answer
  • The brake pedal is low and spongy ; all brake adjustments have been completed according to specifications.the cause of the probl
    6·1 answer
  • How many combinations of 6 different 10th grade subjects can tyler choose from the 9 subjects offered?
    9·1 answer
  • The selling price of a television is​ $1,000 and the cost to the retailer is​ $725. what is the​ retailer's gross profit from th
    5·1 answer
  • Which statement is correct? In the short run, the pure monopolist will maximize total profits by producing at that level of outp
    8·1 answer
  • Refer to the following information for Tolan​ Corporation: bullet Common​ Stock, $1.00​ par, 106,000 shares​ issued, 100,000 sha
    9·1 answer
  • A company had the following purchases during its first year of operations:
    13·1 answer
  • ASAP PLEASE!
    11·1 answer
  • An asset falling under the MACRS five-year class was purchased three years ago for $200,000 (its original depreciation basis). C
    6·1 answer
  • A business practice associated with globalization involves business moving manufacturing and service centers to countries where
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!