Flowers inc. has the following information on its accounting records: gross profits $175,000; interest expense $25,000;...
Flowers inc. has the following information on its accounting
records: gross profits $175,000; interest expense $25,000; selling,
general and administration expenses $70,000; tax expense $12,000;
and Sales $325,000.
What is net income?
|
$150,000 |
||
|
$80,000 |
||
|
$45,000 |
||
|
$33,000 |
||
|
$105,000 |
Homework Answers
Calculation of Net Income:
| $ | |
| Total Sales | $325,000 |
| Cost of Goods Sold | $150,000 |
| Gross Profit | $175,000 |
| Selling, general and administration expense | $70,000 |
| Operating profit | $105,000 |
| Interest expense | $25,000 |
| Tax expense | $12,000 |
| Net Income | $68,000 |
Therefore, Net income will be $68,000 and Income from operations will be $105,000.
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Flowers inc. has the following information on its accounting
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