Building an Income Statement. Billy’s Exterminators, Inc. has sales of $900,000, costs of $303,000, depreciation expense...

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Building an Income Statement. Billy’s Exterminators, Inc. has sales of $900,000, costs of $303,000, depreciation expense...

Building an Income Statement. Billy’s Exterminators, Inc. has sales of $900,000, costs of $303,000, depreciation expense of $50,000, interest expense of $38,000, and a tax rate of 35%. What is the net income? Show your Income Statement

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Answer 1

Answer #1

Income Statement
Sales	900000
Less:Costs	303000
Gross Profit	597000
Less: Depreciation	50000
Earnings before interest and tax	547000
Less: Interest expense	38000
Earnings before tax	509000
Less: Income tax	178150	=509000*35%
Net income	330850

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Answer 2

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