Centennial Brewery produced revenues of $1,145,227 in 2008. It has expenses (excluding depreciation) of $812,640, depreciation of $131,335, and interest expense of $81,112. It pays an average tax rate of 34 percent. What is the firm's net income after taxes? Round the final answer to the nearest dollar. a. $120,140 b. $248,475 c. $79,292 d. $40,848

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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Centennial Brewery produced revenues of $1,145,227 in
2008. It has expenses (excluding depreciation) of $812,640,
depreciation of $131,335, and interest expense of $81,112.
It pays an average tax rate of 34 percent. What is the firm's
net income after taxes? Round the final answer to the
nearest dollar.
a. $120,140
b. $248,475
c. $79,292
d. $40,848
Transcribed Image Text:Centennial Brewery produced revenues of $1,145,227 in 2008. It has expenses (excluding depreciation) of $812,640, depreciation of $131,335, and interest expense of $81,112. It pays an average tax rate of 34 percent. What is the firm's net income after taxes? Round the final answer to the nearest dollar. a. $120,140 b. $248,475 c. $79,292 d. $40,848
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