At the end of its fifth year of operations, Everest Equipment Corp. reported the following: • Revenues = $6,200,000 • Cost of Goods Sold (COGS) = $4,500,000 = • Operating Expenses $620,000 (includes depreciation of $180,000) . The company has a tax rate of 30% on taxable income. What is the net income of Everest Equipment Corp. for the year?

At the end of its fifth year of operations, Everest Equipment Corp. reported the following: • Revenues = $6,200,000 • Cost of Goods Sold (COGS) = $4,500,000 = • Operating Expenses $620,000 (includes depreciation of $180,000) . The company has a tax rate of 30% on taxable income. What is the net income of Everest Equipment Corp. for the year?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...

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Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of goods sold was 240,000, its operating expenses were 50,000, its interest revenue was 2,000, and its interest expense was 12,000. Brandts income tax rate is 30%. Prepare Brandts multiple-step income statement for the current year.
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
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What is the net income of the firm for the year?
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