Calculate the net income general accounting consider the information Consider the information given in the table below. Calculate the net income.ItemAmountSales revenue$750,000Cost of goods sold$425,000Salaries expense$150,000Rent expense$24,000Depreciation expense $18,000Insurance expense$7,500Utilities expense$6,000Interest income$15,000Sales returns$5,000Income tax expense $32,000

Explanation: In the given case, we are required to calculate the net income from the data given in…

Answered: Consider the information given in the…

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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Consider the following income statement: Sales Costs Depreciation Taxes Calculate the EBIT. EBIT $748,168 486,752 110,700 Net income 23% Calculate the net income.
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Use the following information to compute net income. The income tax rate is 40%. Cost of Goods Sold Interest Expense $4,000 1,100 Selling and Administrative Expense 1,750 Sales Dividends a) $1,470 b) $1,890 c) $1,190 d) $1,260 e) $980 10,000 700
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Your pro forma income statement shows sales of $1,006,000, cost of goods sold as $488,000, depreciation expense of $97,000, and taxes of $105,250 due to a tax rate of 25%. What are your pro forma earnings? What is your pro forma free cash flow? Complete the pro forma income statement below: (Round to the nearest dollar.) Sales Cost of Goods Sold Gross Profit Depreciation EBIT Taxes (25%) Earnings $ $ $ $ $ $ $
how did they get the Income Before Tax? Proforma Income Statement 1/31/21 Total Revenue $ 28,959,000.00 Cost of Goods $ 15,299,000.00 Gross Profit $ 11,535,000.00 Operating Expenses $ 7,609,000.00 Total Operating Expenses $ 7,609,000.00 Operating Income or Loss $ 3,926,000.00 Interest Expense $ 434,000.00 Income Before Tax $ 3,644,000.00 Income Tax Expense $ 963,000.00 Income from Continuing Operations $ 2,681,000.00 Net Income $ 2,681,000.00
Financial Accounting Question need answer please
Please give me answer general accounting question
Consider the following income statement: Sales Costs $ 602,184 391,776 Depreciation 89,100 Taxes Calculate the EBIT. EBIT 21% Calculate the net income. Net income
Below is financial information ($ values are in millions) in a model. Net income during the year for this company would be: Revenues SG&A Expenses Interest Expense Select one: OA. $4.5 million OB. $3.6 million O C. $16.6 million OD. $0.9 million $67.30 $4.70 $8.10 Cost of Goods Sold Depreciation Tax Rate $43.20 $6.80 20%

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