At the end of its third year of operations, Henderson Manufacturing Co. had $5,800,000 in revenues, $4,210,000 in cost of goods sold, and $630,000 in operating expenses, which included depreciation expense of $180,000. The tax liability is equal to 30% of the firm's taxable income. What is the net income of the firm for the year?

At the end of its third year of operations, Henderson Manufacturing Co. had $5,800,000 in revenues, $4,210,000 in cost of goods sold, and $630,000 in operating expenses, which included depreciation expense of $180,000. The tax liability is equal to 30% of the firm's taxable income. What is the net income of the firm 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...

See similar textbooks

Similar questions

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.
During the current year, Sokowski Manufacturing earned income of $350,000 from total sales of $5,500,000 and average capital assets of $12,000, 000. What is the sales margin?
During the current year. Plainfield Manufacturing earned income of $845,000 from total sales of $9,350,000 and average capital assets of $13,500,000. What is the sales margin?
During the current year, Plainfield Manufacturing earned income of $845,000 from total sales of $9,350,000 and average capital assets of $13,500,000. Using the sales margin from the previous exercise, what is the total ROI for the company during the current year?
Braverman Company's net income last year was $75,000 and it's interest expense was $10,000.
Delta Ray Brands Corp. just completed their latest fiscal year. The firm had sales of $16,818,300. Depreciation and amortization was $830,300, interest expense for the year was $872,900, and selling general and administrative expenses totaled $1,404,600 for the year, and cost of goods sold was $10,640,400 for the year. Assuming a federal income tax rate of 34%, what was the Delta Ray Brands net income after-tax? Round to the nearest cent.
What is the net income of the firm for the year?
At the end of its third year of operations, the Sandifer Manufacturing Co. has 4,576,000 in revenues, 3,344,000 in cost of goods sold, 458,000 in operating expenses which included depreciation expense o 151,000, and a tax liability equal to 34 percent of the firm's taxable income. What is the net income of the firm for the year?
What is the net income of the firm for tha year? Financial accounting
At the end of its third year of operations, the Sandifer Manufacturing Co. had $4,559,000 in revenues, $3,555,000 in cost of goods sold, $458,000 in operating expenses which included depreciation expense of $154,000, and a tax liability equal to 34 percent of the firm's taxable income. What is the net income of the firm for the year?
At the end of its fifth year of operations, Ocean Wave Manufacturing Co. reported the following financial data: -Revenues: $6,800,000 -Cost of Goods Sold: $4,950,000 -Operating Expenses: $725,000 (including Depreciation Expense of $210,000) -Tax Rate: 30% of the firm's taxable income What is the net income of the firm for the year?