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Griffin's Goat Farm, Inc., has sales of $624,000, costs of $225,000, depreciation expense of $39,000, interest...

Griffin's Goat Farm, Inc., has sales of $624,000, costs of $225,000, depreciation expense of $39,000, interest expense of $23,000, and a tax rate of 24 percent. What is the net income for this firm?

A. 318,120

B. 295,120

C. 256,120

D. 187,240

E. 279,120

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Answer #1

C. 256,120

Sales $       6,24,000
Costs           2,25,000
Gross Profit           3,99,000
Depreciation               39,000
Earnning before interest and taxes           3,60,000
Interest expense               23,000
Earning before taxes           3,37,000
Tax expense               80,880
Net Income           2,56,120
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