QUESTION 120 Meric Mining Inc. recently reported $15,000 of sales, $7,500 of operating costs other than...
QUESTION 120
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Meric Mining Inc. recently reported $15,000 of sales, $7,500 of operating costs other than depreciation, and $1,200 of depreciation. The company had no amortization charges, it had outstanding $6,500 of bonds that carry a 6.25% interest rate, and its federal-plus-state income tax rate was 25%. How much was the firm's net income after taxes? Meric uses the same depreciation expense for tax and stockholder reporting purposes.
a. $3,989.33
b. $4,641.33
c. $4,420.31
d. $4,199.30
e. $3,789.87
Homework Answers
| Sales | 15000 |
| Less:operating costs | 7500 |
| Less:depreciation | 1200 |
| EBIT | 6300 |
| Less:interest(6500*6.25%) | 406.25 |
| EBT | 5893.75 |
| Less:taxes(5893.75*25%) | 1473.4375 |
| Net income after taxes | $4420.31(Approx) |
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QUESTION 120
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