Zigs Industries had the following operating results for 2015: sales = $25520; cost of goods sold = $15379; depreciation expense = $4147; interest expense = $2210; dividends paid = $1500. At the beginning of the year, net fixed assets were $17323, current assets were $5885, and current liabilities were $3577. At the end of the year, net fixed assets were $20763, current assets were $7202, and current liabilities were $3501. The tax rate for 2015 was 32 percent. What is net income for 2015?
Income Statement | ||
Sales | $ 25,520.00 | |
Less: | Costs | $ 15,379.00 |
Less: | Depreciation | $ 4,147.00 |
EBIT | $ 5,994.00 | |
Less: | Interest | $ 2,210.00 |
EBT | $ 3,784.00 | |
Less: | Tax @ 32% | $ 1,210.88 |
Net income | $ 2,573.12 |
Zigs Industries had the following operating results for 2015: sales = $25520; cost of goods sold...
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