For the past year, a firm had sales of $41,987, interest expense of $3,232, cost of goods sold of $16,500, selling and administrative expense of $11,000, and depreciation of $6,200. If the tax rate was 21 percent, what was the company's net income? $3,794 $3,993 $3,281 O $5,590

For the past year, a firm had sales of $41,987, interest expense of $3,232, cost of goods sold of $16,500, selling and administrative expense of $11,000, and depreciation of $6,200. If the tax rate was 21 percent, what was the company's net income? $3,794 $3,993 $3,281 O $5,590

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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Question

For the past year, a firm had sales of $41,987, interest expense of $3,232, cost of goods sold
of $16,500, selling and administrative expense of $11,000, and depreciation of $6,200. If the
tax rate was 21 percent, what was the company's net income?
O $3,794
O $3,993
$3,281
O $5,590

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