Answer:
Net income is $5,578.30
Explanation:
Please refer to the attached file
Answer:
$5,578.3
Explanation:
The income statement shows the net income of an entity which is the net difference between the sales and expenses including taxes incurred during the period.
Given sales of $45,797, interest expense of $3,620, cost of goods sold of $16,134, selling and administrative expense of $11,481, and depreciation of $5,980. If the tax rate was 35 percent,
Profit before tax = $45,797 - $16,134 - $3,620 - $11,481 - $5,980
= $8,582
Tax expense = 35% of $8,582
= $3,003.70
Company's net income = $8,582 - $3,003.70
= $5,578.3
