You are given the following information about Sandhill Plumbing Company. Revenues in 2017 totaled $ 917, depreciation expenses $ 85, costs of goods sold $ 399, and interest expenses $ 62. At the end of the year, current assets were $ 150 and current liabilities were $ 111. The company has an average tax rate of 34 percent. Calculate its net income by setting up an income statement. (Round answers to 2 decimal places, e.g. 15.25)Sandhill Plumbing CompanyIncome Statementchoose the accounting period Amountselect an income statement item $ enter a dollar amountselect an income statement item enter a dollar amountselect a summarizing line for the first part $ enter a total amount for the first partselect an income statement item enter a dollar amountselect a summarizing line for the second part $ enter a total amount for the second partselect an income statement item enter a dollar amountselect a summarizing line for the third part $ enter a total amount for the third partselect an income statement item enter a dollar amountselect a closing name for this statement POSSIBLE ACCOUNTS= INTEREST, DEPRECIATION, EARNINGS BEFORE TAX, REVENUE, NET, COGS, TAX, EARNINGS BEFORE I.D.&A, EARNINGS BEFORE I&T

Income statement represents the net income or net loss calculated by deducting the expenses from the…

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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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You are given the following information about Sandhill Plumbing Company. Revenues in 2017 totaled $ 917, depreciation expenses $ 85, costs of goods sold $ 399, and interest expenses $ 62. At the end of the year, current assets were $ 150 and current liabilities were $ 111. The company has an average tax rate of 34 percent. Calculate its net income by setting up an income statement. (Round answers to 2 decimal places, e.g. 15.25)

Sandhill Plumbing Company Income Statement choose the accounting period
		Amount
select an income statement item		$ enter a dollar amount
select an income statement item		enter a dollar amount
select a summarizing line for the first part		$ enter a total amount for the first part
select an income statement item		enter a dollar amount
select a summarizing line for the second part		$ enter a total amount for the second part
select an income statement item		enter a dollar amount
select a summarizing line for the third part		$ enter a total amount for the third part
select an income statement item		enter a dollar amount
select a closing name for this statement

POSSIBLE ACCOUNTS=

INTEREST, DEPRECIATION, EARNINGS BEFORE TAX, REVENUE, NET, COGS, TAX, EARNINGS BEFORE I.D.&A, EARNINGS BEFORE I&T

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