Question
(Working with the income statement) At the end of its third year of operations, the Sandifer Manufacturing Co. had $4,501,000 in revenues, $3,386,000 in cost
(Working with the income statement) At the end of its third year of operations, the Sandifer Manufacturing Co. had
$4,501,000
in revenues,
$3,386,000
in cost of goods sold,
$445,000
in operating expenses which included depreciation expense of
$156,000,
and a tax liability equal to
34
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 = | $ |
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| Less: | Cost of Goods Sold = | $ |
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| Equals: | Gross Profit = | $ |
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| Less: | Operating Expenses = | $ |
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| Equals: | Net Operating Income = | $ |
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| Less: | Interest Expense = | $ | 0 |
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| Equals: | Earnings before Taxes = | $ |
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| Less: | Income Taxes = | $ |
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| Equals: | Net Income = | $ |
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