Provide correct answer is accounting question The Carpentry Shop has sales of $398,600, costs of$254,800, depreciation expense of $26,400, interestexpense of $1,600, and a tax rate of 34 percent. Whatis the net income of this firm?

Step 1: Define Firm's IncomeA firm's income indicates the profitability of the firm's business…

Answered: The Carpentry Shop has sales of…

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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The Carpentry Shop has sales of $398,600, costs of $254,800, depreciation expense of $26,400, interest expense of $1,600, and a tax rate of 34 percent. What is the net income of this firm?