Intro Creminy, Inc. has revenue of $89,000, costs of $44,500, depreciation of $13,000, and interest expenses of $5,000. The average tax rate is 0.34. The balance sheet shows current assets of $23,000, current liabilities of $20,000 and net fixed assets of $94,000 for the most recent year, and current assets of $18,000, current liabilities of $14,000 and net fixed assets of $75,000 for the previous year. Part 1 What is Creminy's net income? 17490 Correct Net income Sales - Costs - Depreciation - Interest - Taxes Taxable income = Sales - Costs - Depreciation - Interest = 89,000 - 44,500 - 13,000 5,000 = 26,500 Taxes Taxable income * Average tax rate = 26,500* 0.34 = 9,010 Net income = Taxable income - Taxes =26,500 - 9,010 = 17,490 Attempt 1/10 for 10 pts.