Garden Pro Corporation has sales of $4,813,035; income tax of $358,804; the selling, general and administrative expenses of $296,197; depreciation of

Garden Pro Corporation has sales of $4,813,035; income tax of $358,804; the selling, general and administrative expenses of $296,197; depreciation of $316,250; cost of goods sold of $2.712,787; and interest expense of $158,781. Calculate the firm's net income?

Expert Solution

Net Income = Sales – Cost of Goods Sold – Depreciation Expense – Selling, general and administrative expense – Interest Expense – Income Tax

Net Income = $4,813,035 - $2,712,787 - $316,250 - $296,197 - $158,781 - $358,804

Net Income = $970,216

Firm's net income is $970,216.

Junaid answered 2 years ago

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