Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 3.21 Nimitz Rental Company provided the following information to its auditors. For the year ended March 31, 2013, the company had revenues of $882,700,

Problem 3.21

Nimitz Rental Company provided the following information to its auditors. For the year ended March 31, 2013, the company had revenues of $882,700, general and administrative expenses of $361,900, depreciation expenses of $131,455, leasing expenses of $108,195, and interest expenses equal to $78,122. If the company's tax rate is 34 percent, what is its net income after taxes? (Round intermediate calculations and final answer to the nearest whole dollar, e.g. 5,275.)

Nimitz Rental Company Income Statement as of March 31, 2013
Amount

General and Administrative ExpensesLeasing ExpensesDepreciationRent RevenueUtilities ExpenseNet SalesInterest ExpenseTaxes

$

Rent RevenueNet SalesLeasing ExpensesGeneral and Administrative ExpensesUtilities ExpenseDepreciationInterest ExpenseTaxes

Net SalesGeneral and Administrative ExpensesInterest ExpenseRent RevenueDepreciationTaxesLeasing ExpensesUtilities Expense

Total RevenuesNet Income / (Loss)Earnings Before Interest and TaxesEarnings Before TaxesTotal ExpensesEarnings Before Interest, Taxes, Depreciation, and Amortization

$

Interest ExpenseUtilities ExpenseLeasing ExpensesTaxesNet SalesGeneral and Administrative ExpensesDepreciationRent Revenue

Total ExpensesEarnings Before Interest and TaxesNet Income / (Loss)Total RevenuesEarnings Before Interest, Taxes, Depreciation, and AmortizationEarnings Before Taxes

$

DepreciationNet SalesRent RevenueInterest ExpenseTaxesUtilities ExpenseGeneral and Administrative ExpensesLeasing Expenses

Total ExpensesNet Income / (Loss)Earnings Before TaxesTotal RevenuesEarnings Before Interest, Taxes, Depreciation, and AmortizationEarnings Before Interest and Taxes

$

Rent RevenueNet SalesGeneral and Administrative ExpensesDepreciationInterest ExpenseLeasing ExpensesTaxesUtilities Expense

Total ExpensesEarnings Before Interest and TaxesNet Income / (Loss)Total RevenuesEarnings Before Interest, Taxes, Depreciation, and AmortizationEarnings Before Taxes

$

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Finance Bundling And Finance Transformation

Authors: Frank Keuper, Kai-Eberhard Lueg

1st Edition

3658042109, 978-3658042103

More Books

Students also viewed these Finance questions

Question

describe on-site relaxation tips for reducing anxiety;

Answered: 1 week ago

Question

6. List and explain important trends in compensation management.

Answered: 1 week ago

Question

What are our strategic aims?

Answered: 1 week ago