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A firm has sales of $600,000, costs of goods sold of $150,000, depreciation expense of $50,000,...

A firm has sales of $600,000, costs of goods sold of $150,000, depreciation expense of $50,000, interest expense of $100,000 and a tax rate of 35%. What is the net income for this firm?

A. 165,000

B.175,000

C.185,000

D.195,000

E. 205,000

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Answer #1

D.195,000

Sales        6,00,000
Cost of goods sold        1,50,000
Gross Profit        4,50,000
Depreciation            50,000
Earning Before Interest & Taxes        4,00,000
Interest        1,00,000
Earning Before Taxes        3,00,000
Tax Expense        1,05,000
Net Income        1,95,000
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