Chapter 8, Problem 48P

financial accounting

Financial accounting

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Provide answer accounting question with calculation

The following data were taken from the records of Skysong Company for the fiscal year ended June 30, 2025. Raw Materials Inventory 7/1/24 $51,600 Accounts Receivable $35,400 Raw Materials Inventory 6/30/25 45,500 Factory Insurance 5,200 Finished Goods Inventory 7/1/24 Finished Goods Inventory 6/30/25 99,100 Factory Machinery Depreciation 17,900 22,300 Factory Utilities 31,100 Work in Process Inventory 7/1/24 29,600 Office Utilities Expense 9.450 Work in Process Inventory 6/30/25 28,100 Sales Revenue 557,100 Direct Labor 145,750 Sales Discounts 5,000 Indirect Labor 26,660 Factory Manager's Salary 65,300 Factory Property Taxes 9.710 Factory Repairs 2,200 Raw Materials Purchases 99,000 Cash 39.400

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What is the net income for the year?

assume the cost of capital is

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