Referring to the income statement, calculate (using the average rate 30%) taxes due
Referring to the income statement, calculate (using the average rate 30%) taxes due
Revenues $500
Expenses [COGS, SGA] 275
Depreciation 100
EBIT
Interest 25
EBT
Taxes 30%
Net Income =
1) $25 2) $70 3) $30 4) $100 5) None of the These
Homework Answers
Correct answer------------(2) $70
Working
| Income Statement | |
| Revenues | $ 500 |
| Expenses | $ 275 |
| Depreciation | $ 100 |
| EBIT | $ 125 |
| Interest | $ 25 |
| EBT | $ 100 |
| Taxes | $ 30 |
| Net income | $ 70 |
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Referring to the income statement, calculate (using the average rate 30%) taxes due
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The income statement, also known as the profit and loss
(P&L) statement, provides a snapshot of the financial
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reports a firm’s gross income, expenses, net income, and the income
that is available for distribution to its preferred and common
shareholders.
The income statement is prepared using the generally accepted
accounting principles (GAAP) that match the firm’s revenues and
expenses to the period in which they were...
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