The Crane Chemical Corporation announced that, for the period ending March 31, 2017, it had earned...
The Crane Chemical Corporation announced that, for the period ending March 31, 2017, it had earned income after taxes of $2,768,942.25 on revenues of $13,199,000. The company's costs (excluding depreciation and amortization) amounted to 61 percent of sales, and it had interest expenses of $392,168. What is the firm's depreciation and amortization expense if its average tax rate is 34 percent? (Round answer to 2 decimal places e.g. 15.25.)
Homework Answers
Net Income = (Sales - Costs - Interest Expense - Deprecation)(1 - t)
2,768,942.25 = (1 - 0.34)(13,199,000 - 0.61(13,199,000) - 392,168 - Depreciation)
Depreciation = 5,147,610 - 4,195,367.05
Depreciation = $952,242.95
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The Oriole company has disclosed the following
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