Question
Sammy's Shovels had sales of $123,370 in 2021. The cost of goods sold was $35,560, operating expenses (excluding depreciation) were $16,270, interest expenses were $2,920,
Sammy's Shovels had sales of $123,370 in 2021. The cost of goods sold was $35,560, operating expenses (excluding depreciation) were $16,270, interest expenses were $2,920, depreciation expense was $8,560, and dividends paid were $2,360. The firm's tax rate is 27 percent. What did Sammy's Shovels report as net income (or, net profit) in 2021? Record your answer rounded to the nearest dollar. Do not include a dollar sign or commas in your answer. If your answer is a negative number, place a minus sign before your answer with no space between the minus sign and the number. For example, record $1,234,567.89 as 1234568 or negative $543,210 as -543210.
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