Question

Canvas 4 → XCIO Time Attem 22M For multiple choice questions, please select the 'best' answer among the given choices. For calculation questions where you are required to enter a numerical answer, please read the instructions for the question carefully to make sure you enter the answer in the required format with the required precision (ie the number of digits after the decimal point). Good luck! 10 pts D Question 10 . Sample Income Statement Items Current Year Revenues $ 185,000 Cost of Sales 115,600 32.100 Selling. General, & Admin. Expenses 12,500 Depreciation 2,300 Interest Expense Tax Expense Net Income The table above contains select income statement items for XYZ Corp for the current year. Based on the information above and assuming a tax rate of 34%, calculate the Net Income for XYZ Corp for the current year. Note: Round your answer to the nearest dollar. For example, if your calculated Net Income is $6,784.826 enter it as 6,785 or 6785. 14,850

Answer 1

QUESTION 10:
Revenues	$       1,85,000
-Cost of sales	$       1,15,600
-Selling, General & Admin. Expenses	$          32,100
-Depreciation	$          12,500
-Interest expense	$            2,300
=Income before tax	$          22,500
-Tax at 34%	$            7,650
=Net income	$          14,850
Net income of XYZ Corp for the current year =	$          14,850
QUESTION 8:
Answer: Accounts payable.
Explanation:
Net working capital = Accounts receivable+Inventory+Cash-Accounts payable.
Hence, for NWC to decrease Accounts payable has to increase of the other items have to decrease.