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Category Prior Year Current Year Accounts payable 3,148.00 5,913.00 Accounts receivable 6,880.00 8,989.00 Accruals 5,692.00 6,134.00...

Category Prior Year Current Year
Accounts payable 3,148.00 5,913.00
Accounts receivable 6,880.00 8,989.00
Accruals 5,692.00 6,134.00
Additional paid in capital 20,407.00 13,514.00
Cash ??? ???
Common Stock 2,850 2,850
COGS 22,876.00 18,913.00
Current portion long-term debt 500 500
Depreciation expense 1,011.00 993.00
Interest expense 1,291.00 1,134.00
Inventories 3,014.00 6,706.00
Long-term debt 16,932.00 22,045.00
Net fixed assets 75,393.00 73,819.00
Notes payable 4,015.00 6,550.00
Operating expenses (excl. depr.) 19,950 20,000
Retained earnings 35,759.00 34,578.00
Sales 46,360 45,891.00
Taxes 350 920

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

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

Solutions

Expert Solution

We know that,

Net income = Sales - COGS - Operating Cost - Depreciation - Interest Expenses - Taxes

So, for current years,

Net income = 45891 - 18913 - 20000 - 993 - 1134 - 920 = $3931

So, Firm's income in current year is $3931

jeff jeffy answered 2 years ago
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