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At the end of its third year of operations, the Sandier Manufacturing Co. had $4,565,000 in revenues, $3,337,000 in cost of goods sold, $458,000 in operating expenses which included depreciation expense of $155,000, and a tax liability equal to 34% of the firms taxable income. What is the net income of the firm for the year?

At the end of its third year of operations, the Sandier Manufacturing Co. had $4,565,000 in revenues, $3,337,000 in cost of goods sold, $458,000 in operating expenses which included depreciation expense of $155,000, and a tax liability equal to 34% of the firms taxable income. What is the net income of the firm for the year?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of its third year of operations, the Sandier Manufacturing Co. had $4,565,000 in revenues, $3,337,000 in cost of goods sold, $458,000 in operating expenses which included depreciation expense of $155,000, and a tax liability equal to 34% of the firms taxable income. What is the net income of the firm for the year?
Transcribed Image Text:At the end of its third year of operations, the Sandier Manufacturing Co. had $4,565,000 in revenues, $3,337,000 in cost of goods sold, $458,000 in operating expenses which included depreciation expense of $155,000, and a tax liability equal to 34% of the firms taxable income. What is the net income of the firm for the year?
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