Delta Ray Brands Corp. just completed their latest fiscal year. The firm had sales of $16,306,200. Depreciation and amortization were $898,000, interest expense for the year were $804,700, and selling general and administrative expenses totaled $1,513,700 for the year, and cost of goods sold was $10,585,600 for the year. Assuming a federal income tax rate of 34%, what was the Delta Ray Brands net income after-tax?
The total profit available after paying all expenses and obligation of the company is termed as net income.
Answer and Explanation:
Gross profit= $5,720,600
Less:selling general and administrative expenses=$1,513,700
Less:Depreciation and amortization =$898,000
Less: Interest expense= $804,700
Become a member and unlock all Study Answers
Try it risk-free for 30 daysTry it risk-free
Ask a question
Our experts can answer your tough homework and study questions.Ask a question Ask a question
Learn more about this topic:
from OSAT Business Education (CEOE) (040): Practice & Study GuideChapter 69 / Lesson 5