Question

If the revenue of a business during the year is $88 million, its cost of goods...

If the revenue of a business during the year is $88 million, its cost of goods sold is $40 million, its operating expenses (including depreciation) are $10 million, interest payments and other financial expenses are $4 million, and taxes are $6 million. What is the annual net income (or annual net profits) of this business? (Type in your numerical answer in million $ units. Do not type the $ sign or the word million, just the number in decimal notation. If the annual net income is negative, indicate so with the minus sign before the number.)
0 0
Add a comment Improve this question Transcribed image text
Answer #1

Annual Net Income 28 Income Statement Sales revenue Cost of goods sold Gross profit Operating expenses Income before tax and

Add a comment
Know the answer?
Add Answer to:
If the revenue of a business during the year is $88 million, its cost of goods...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • During the year, Belyk Paving Co. had sales of $2,500,000. Cost of goods sold, administrative and...

    During the year, Belyk Paving Co. had sales of $2,500,000. Cost of goods sold, administrative and selling expenses, and depreciation expense were $1,352,000, $665,000, and $465.000, respectively. In addition, the company had an interest expense of $290,000 and a tax rate of 25 percent. (Ignore any tax loss or carryforward provision and assume interest expense is fully deductible.) a. What is the company's net income? (A negative answer should be indicated by a minus sign. Do not round intermediate calculations...

  • During the year, Belyk Paving Co. had sales of $2,395,000. Cost of goods sold, administrative and...

    During the year, Belyk Paving Co. had sales of $2,395,000. Cost of goods sold, administrative and selling expenses, and depreciation expense were $1,325,000, $615,000, and $444,000, respectively. In addition, the company had an interest expense of $269,000 and a tax rate of 23 percent. (Ignore any tax loss or carryforward provision and assume interest expense is fully deductible.) a. What is the company's net income? (A negative answer should be indicated by a minus sign. Do not round intermediate calculations...

  • Cash Flows from Operating Activities-Direct Method The income statement for Rhino Company for the current year...

    Cash Flows from Operating Activities-Direct Method The income statement for Rhino Company for the current year ended June 30 and balances of selected accounts at the beginning and the end of the year are as follows: $445,500 154,000 $291,500 Sales Cost of merchandise sold Gross profit Operating expenses: Depreciation expense Other operating expenses Total operating expenses Income before income tax Income tax expense $38,500 153,780 $137.720 39,600 Net Income $98,120 End of Year Beginning of Year Accounts receivable (net) $36,300...

  • On December 31, 2021, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $11.0 million. The robotics business segment qualifies as a component of the entity according to GAAP. The book value of the assets

    On December 31, 2021, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $11.0 million. The robotics business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $8.0 million. The income from operations of the segment during 2021 was $5.0 million. Pretax income from continuing operations for the year totaled $13.0 million. The income tax rate is 25%. Prepare the lower portion...

  • During the year, Belyk Paving Co. had sales of $2.388,000. Cost of goods sold, administrative and...

    During the year, Belyk Paving Co. had sales of $2.388,000. Cost of goods sold, administrative and selling expenses, and depreciation expense were $1437000, $436,200, and $491200, respectively. In addition, the company had an interest expense of $216.200 and a tax rate of 35 percent. Ognore any tax loss carryback or carryforward provisions.) a. What is the company's net income? (A negative answer should be indicated by a minus sign. Do not round Intermediate calculations and round your answer to the...

  • Cash Flows from Operating Activities–Direct Method The income statement for Rhino Company for the current year...

    Cash Flows from Operating Activities–Direct Method The income statement for Rhino Company for the current year ended June 30 and balances of selected accounts at the beginning and the end of the year are as follows: $445,500 (154,000) $291,500 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense Other operating expenses Total operating expenses $38,500 115,280 Income before income tax (153,780) $137,720 (39,600) $98,120 Income tax expense Net income End of Year Beginning of Year Accounts receivable (net)...

  • During the year, Carl Can Co. had sales of $2,397,000. Cost of goods sold, administrative and...

    During the year, Carl Can Co. had sales of $2,397,000. Cost of goods sold, administrative and selling expenses, and depreciation expense were $1,428,000, $435,300, and $490,300, respectively. In addition, the company had an interest expense of $215,300 and a tax rate of 30 percent. (Ignore any tax loss carryback or carryforward provisions.) a. What is the company’s net income? (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the...

  • Allen Products. Inc. Income Statement for the Year Ended December 31, 2019 Sales revenue Less: cost...

    Allen Products. Inc. Income Statement for the Year Ended December 31, 2019 Sales revenue Less: cost of good sold Gross profits Less: operating expenses Operating profits Less: interest expense Net profit before taxes Less: taxes (rate 30%) Net profits after taxes $936,700 443,996 5492,704 211,694 $281,010 29,038 5251,972 75,592 $176,380 Allen Products, Inc. Income Statement for the Year Ended December 31, 2019 Sales revenue Less: cost of good sold 936,700 271,115 172,881 $492,704 Fixed Variable Gross profits Less: operating expenses...

  • Corporation INCOME STATEMENT For the Year Ended December 31, 2020 Sales Revenue Cost of Goods Sold...

    Corporation INCOME STATEMENT For the Year Ended December 31, 2020 Sales Revenue Cost of Goods Sold 705000 Gross Profit/(Loss) 504000 Selling Expenses Selling Expenses 125200 Administrative Expenses 170800 296000 < 208000 Interest Expense 7100 Dividend Revenue 18700 Interest Expense - 11600 196400 Income Before Income Taxes -58920 Income from Continuing Operations 137480 Income from Continuing Operations -51800 Discontinued Operations Loss, Net of Tax $ 85680 Net Income /(Loss) Per Share of Common Stock $ 85680 Net Income /(Loss) 50000 $...

  • Required information [The following information applies to the questions displayed below.] Alexi Co. issued $3.60 million...

    Required information [The following information applies to the questions displayed below.] Alexi Co. issued $3.60 million face amount of 9%, 10-year bonds on June 1, 2019. The bonds pay interest on an annual basis on May 31 each year. b-1. Independent of your answer to part a, assume that the proceeds were $3,237,000. Use the horizontal model to show the effect of issuing the bonds. Indicate the financial statement effect. (Enter your answers in whole dollars, not in millions. Enter...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT