P3-1 (Working with the income statement) At the end of its third year of operations, the Sandifer Manufacturing Co, had $4,536,000 in revenues, $3,340,000 in cost of goods, $460,000 in operating expenses which included depreciation expenses of $157,000, and a tax liability equal to 34 percent of the firm’s taxable income. What is the net income of the firm for a year?

Complete the income statement for Sandifer Manufacturing Co (rounded to the nearest dollar).

Revenues = $
Less: Cost of Goods Sold = $
  Equals: Gross Profit = $
Less: Operating Expenses = $
  Equals: Net Operating Income = $
Less: Interest Expenses = $
  Equals: Earnings before Taxes = $
Less: Income Taxes = $
Equals: Net Income = $

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Course: MGMT 5123 Finance & Accounting for Non Finance Managers
School: Southern Wesleyan University

  • 17/10/2017
  • 10
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