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Calculate net income based on the following information. Sales are $250, cost of goods sold is...

Calculate net income based on the following information. Sales are $250, cost of goods sold is $160, depreciation expense is $35, interest paid is $20, and the tax rate is 34%.

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Expert Solution

Income Statement
Particulars Amount ($)
Sales               250.00
Less: Cost of goods sold               160.00
Gross Profit                 90.00
Less: Depreciation Expenses                 35.00
Earnings before interest & tax                 55.00
Less: Interest Expenses                 20.00
Earnings before tax                 35.00
Less: Tax at 34%                 11.90
Net Income                 23.10

jeff jeffy answered 10 months ago
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