Question

In: Finance

Item Prior year Current year Accounts payable 8,186.00 7,739.00 Accounts receivable 6,057.00 6,669.00 Accruals 988.00 1,511.00...

Item Prior year Current year
Accounts payable 8,186.00 7,739.00
Accounts receivable 6,057.00 6,669.00
Accruals 988.00 1,511.00
Cash ??? ???
Common Stock 11,546.00 12,982.00
COGS 12,636.00 18,245.00
Current portion long-term debt 5,018.00 4,932.00
Depreciation expense 2,500 2,818.00
Interest expense 733 417
Inventories 4,137.00 4,814.00
Long-term debt 14,160.00 13,242.00
Net fixed assets 50,182.00 54,535.00
Notes payable 4,313.00 9,802.00
Operating expenses (excl. depr.) 13,977 18,172
Retained earnings 28,932.00 30,098.00
Sales 35,119 46,352.00
Taxes 2,084 2,775

What is the firm's net income in the current year?

Answer format: Number: Round to: 0 decimal places.

Solutions

Expert Solution

- Preparing the Income Statment for current year:-

Particular Current Year ($)
Sales             46,352.00
Less: COGS           (18,245.00)
Gross Profit             28,107.00
Less: Depreciation             (2,818.00)
Less: Operating exp. (excl. Depreciation)           (18,172.00)
EBIT                7,117.00
Less: Interest Expense                 (417.00)
Taxable Income                6,700.00
Less: Taxation (35%)             (2,775.00)
Net income                3,925.00

So, Firm's net income for Current Year is $3925

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jeff jeffy answered 2 years ago
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