Griffin's Goat Farm, Incorporated, has sales of $694,000, costs of $355,000, depreciation expense of $55,000, interest expense of $28,000, and a tax rate of 21 percent. What is the net income for this firm? Multiple Choice O $110,260 $230,240 $285,240 $202,240

FINANCIAL ACCOUNTING
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ISBN:9781259964947
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Chapter1: Financial Statements And Business Decisions
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Griffin's Goat Farm, Incorporated, has sales of $694,000, costs of $355,000,
depreciation expense of $55,000, interest expense of $28,000, and a tax rate of 21
percent. What is the net income for this firm?
Multiple Choice
O $110,260
$230,240
$285,240
$202,240
Transcribed Image Text:Griffin's Goat Farm, Incorporated, has sales of $694,000, costs of $355,000, depreciation expense of $55,000, interest expense of $28,000, and a tax rate of 21 percent. What is the net income for this firm? Multiple Choice O $110,260 $230,240 $285,240 $202,240
Multiple Choice
O
O
O
O
$110,260
$230,240
$285,240
$202,240
$257,240
Transcribed Image Text:Multiple Choice O O O O $110,260 $230,240 $285,240 $202,240 $257,240
Expert Solution
Step 1 Introduction

Income statement :— It is one of the type of financial statement that shows profitability, total revenue and total expenses. 

 

Net income :— It is the difference between total revenue and total expenses. 

 

Taxes :— It is calculated by multiplying tax rate with income before tax.

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