An organization has experienced the following revenues and expense for the year: Sales= 2,358,000 Selling and...
An organization has experienced the following revenues and expense for the year:
Sales= 2,358,000
Selling and administrative expenses= 115,890
Interest expense= 12,650
cost of goods sold= 1,149,320
If the company is in a 35% tax bracket, what is the company's net income (after-tax)
2. The current assets section of the balance sheet should include?
Homework Answers
Ans:
Statement showing Net income (After tax)
|
Particulars |
Amount $ |
|
sales |
2,358,000 |
|
Less: cost of goods sold |
-1,149,320 |
|
Gross profit |
1,208,680 |
|
Less: Selling and Administrative expenses |
-115,890 |
|
Interest expense |
-12,650 |
|
Net income before tax |
1,080,140 |
|
Less: Tax @ 35% |
-378,049 |
|
Net income After tax |
702,091 |
2) The current assets section of the balance sheet should include increase in cash balance by $702,091
Add Answer to:
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