Billy’s Exterminators, Inc., has sales revenue of $743,000, fixed and variable costs of $294,000, depreciation expense...
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Billy’s Exterminators, Inc., has sales revenue of $743,000, fixed and variable costs of $294,000, depreciation expense of $46,000, interest expense of $33,000, and an (effective) tax rate of 35 percent. |
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What is the net income for this firm? (I tried $24,500 & it was incorrect.) |
Homework Answers
Net income for this firm is as calculated below:
| Particulars | Amount | |
| Sales Revenue | 743,000 | |
| Less: Fixed and Variable Costs | 294,000 | |
| Income before tax | 449,000 | |
| Income tax (35%) | 157150 | |
| Net Income | 291,850 | |
| Note: Interest expense and depreciation expense is included in the fixed and variable costs of $294,000 | ||
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