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Category Prior Year Current Year Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750...

Category Prior Year Current Year
Accounts payable ??? ???
Accounts receivable 320,715 397,400
Accruals 40,500 33,750
Additional paid in capital 500,000 541,650
Cash 17,500 47,500
Common Stock 94,000 105,000
COGS 328,500 428,048.00
Current portion long-term debt 33,750 35,000
Depreciation expense 54,000 54,731.00
Interest expense 40,500 41,017.00
Inventories 279,000 288,000
Long-term debt 339,670.00 401,877.00
Net fixed assets 946,535 999,000
Notes payable 148,500 162,000
Operating expenses (excl. depr.) 126,000 161,905.00
Retained earnings 306,000 342,000
Sales 639,000 850,323.00
Taxes 24,750 48,686.00
What is the firm's net income for the current year?


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Expert Solution

Calculate net income for current year
Sales revenue $850,323
Less: Cost of goods sold -$428,048
Gross profit $422,275
Less: Operating expenses
Depreciation expense $54,731
Operating expenses $161,905
Total operating expenses $216,636
Operating income $205,639
Interest expense -$41,017
Income before taxes $164,622
Less: Taxes -$48,686
Net income $115,936
Thus, net income for current year is $115,936

jeff jeffy answered 3 years ago
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