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 1 year ago

Evening Story Corporation has sales of $4,897,218; income tax of $342,472; the selling, general and administrative expenses of $283,095

Evening Story Corporation has sales of $4,897,218; income tax of $342,472; the selling, general and administrative expenses of $283,095; depreciation of $394,712; cost of goods sold of $2,453,113; and interest expense of $138,704. Calculate the amount of the firm’s gross profit.

Banana Box Corporation has sales of $4,624,298; income tax of $501,229; the selling, general and administrative expenses of $208,980

Banana Box Corporation has sales of $4,624,298; income tax of $501,229; the selling, general and administrative expenses of $208,980; depreciation of $311,181; cost of goods sold of $2,532,613; and interest expense of $189,901. Calculate the amount of the firm’s income before tax?

Advantage First Corporation has sales of $4,950,263; income tax of $486,389; the selling, general and administrative...

Advantage First Corporation has sales of $4,950,263; income tax of $486,389; the selling, general and administrative expenses of $287,844; depreciation of $333,009; cost of goods sold of $2,984,391; and interest expense of $160,080. What is the amount of the firm’s EBIT?

Evening Story Corporation has sales of $4,263,098;income tax of $594,2394, selling, general and adminstrative expenses of...

Evening Story Corporation has sales of $4,263,098;income tax of $594,2394, selling, general and adminstrative expenses of $223,070; depreciation of $379,926; cost of goods sold of $2,777,954 and interest expense of $122,806. What is firms gross profit?

BOK has sales of $500,000, Cost of Goods Sold of $140,000, administrative expenses of $20,000 depreciation...

BOK has sales of $500,000, Cost of Goods Sold of $140,000, administrative expenses of $20,000 depreciation expense of $10,000, and interest expense of $30,000. What is the net income for the firm using the following tax schedule? Taxable Income Tax Rate $ 1-50,000 10% $ 50,001-75,000 20% $ 75,001-100,000 30% $100,001-335,000 40% $335,001 + 50%

Given the following information for Macro Drive Inc. 2017 Selling and administrative expenses 150,000 Depreciation expense...

Given the following information for Macro Drive Inc. 2017 Selling and administrative expenses 150,000 Depreciation expense 280,000 Interest expense 140,000 Sales 1,400,000 Taxes 135,500 Cost of Goods Sold 500,000 Prepare (in good form) an income statement for 2017 for Macro Drive Inc Assume that Micro Drive Inc. has 50,000 shares outstanding, calculate the Earnings Per Share for the company for the period ending 2017 Differentiate between accounting income and free cash flow. Why is FCF the most important measure of...

What negative consequence might occur if the performance measure is selling and administrative expenses ÷ sales...

What negative consequence might occur if the performance measure is selling and administrative expenses ÷ sales in the current year versus the prior year? Please include the entire answer cause previous answers were vague

Inventories $150,000 Cost of Goods Sold $250,000 Administrative Expenses $50,000 Accumulated Depreciation $150,000 Sales $700,000 Depreciation...

Inventories $150,000 Cost of Goods Sold $250,000 Administrative Expenses $50,000 Accumulated Depreciation $150,000 Sales $700,000 Depreciation Expense $25,000 Selling Expenses $150,000 Common Stock Dividends $18,000 Interest Expense $18,000 Corporate Tax Rate 30% Prepare an income statement using the information given below. Make sure to identify gross profit, operating income, and net income. Please define what each number represents and why it is important to a business.

Keeton Corporation has the following data: Selling and administrative expenses $79,000 Finished goods inventory, December 1...

Keeton Corporation has the following data: Selling and administrative expenses $79,000 Finished goods inventory, December 1 21,000 Finished goods inventory, December 31 30,000 Materials inventory, December 1 6,000 Materials inventory, December 31 8,000 Direct labor 25,000 Purchases 92,000 Factory overhead 37,000 Work in process inventory, December 1 22,000 Work in process inventory, December 31 23,500 Sales 257,000 a. Prepare a schedule of cost of goods manufactured. b. Prepare an income statement for the month ended December 31

Prepare a selling and administrative expenses budget. October November December Selling and Administrative Expense Budget Salary...

Prepare a selling and administrative expenses budget. October November December Selling and Administrative Expense Budget Salary expense Sales commissions Supplies expense Utilities Depreciation on store fixtures Rent Miscellaneous Total S&A expenses $0 $0 $0 Required information Problem 14-23 Preparing a master budget for retail company with no beginning account balances LO 14-2, 14-3, 14-4, 14-5, 14-6 [The following information applies to the questions displayed below.] Munoz Company is a retail company that specializes in selling outdoor camping equipment. The company...

Question