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At the end of its third year of operations, the Sandifer Manufacturing Co. had $4,500,000 in revenues, $3,375,000 in cost of goods sold, $450,000 in

At the end of its third year of operations, the Sandifer Manufacturing Co. had $4,500,000 in revenues, $3,375,000 in cost of goods sold, $450,000 in operating expenses which included depreciation expense of $150,000, and a tax liability equal to 35 percent of the firm's taxable income. What is the net income of the firm for the year?

Complete the income statement for Sandifer Manufacturing Co.:(Round to the nearest dollar.)

Revenues =

$

Less:

Cost of Goods Sold =

$

Equals:

Gross Profit =

$

Less:

Operating Expenses =

$

Equals:

Net Operating Income =

$

Less:

Interest Expense =

$

0

Equals:

Earnings before Taxes =

$

Less:

Income Taxes =

$

Equals:

Net Income =

$

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