The Oakland Mills Company has disclosed the following financial information in its annual reports for the period ending March 31, 2011: sales of $1,593,952, costs of goods sold of $635,632.29, depreciation expenses of $175,000, and interest expenses of $89,575. Assume that the firm has a tax rate of 35 percent. What is the company's net income? Set up an income statement to answer the question. (Round answers to 2 decimal places, e.g. 15.25) Choose the correct one: Amount Revenues ________________ Earnings before interest, taxes, depreciation, and amortization net income depreciation Cost of goods sold Earnings before interest and taxes Interest Earnings before taxes Taxes (35%)Choose One Earnings before interest, taxes, depreciation,and amortization _____________________ net income depreciation Cost of goods sold Earnings before interest and taxes Interest Earnings before taxes Taxes (35%) Revenue Choose One Earnings before interest, taxes, depreciation,and amortization _____________________ net income depreciation Cost of goods sold Earnings before interest and taxes Interest Earnings before taxes Taxes (35%) Revenue Choose One Earnings before interest, taxes, depreciation,and amortization _____________________ net income depreciation Cost of goods sold Earnings before interest and taxes Interest Earnings before taxes Taxes (35%) Revenue CHoose One Earnings before interest, taxes, depreciation,and amortization _____________________ net income depreciation Cost of goods sold Earnings before interest and taxes Interest Earnings before taxes Taxes (35%) Revenue Choose ONE Earnings before interest, taxes, depreciation,and amortization _____________________ net income depreciation Cost of goods sold Earnings before interest and taxes Interest Earnings before taxes Taxes (35%) Revenue Choose one Earnings before interest, taxes, depreciation,and amortization _____________________ net income depreciation Cost of goods sold Earnings before interest and taxes Interest Earnings before taxes Taxes (35%) Revenue Choose one Earnings before interest, taxes, depreciation,and amortization _____________________ net income depreciation Cost of goods sold Earnings before interest and taxes Interest Earnings before taxes Taxes (35%) Revenue

The Oakland Mills Company has disclosed the following financial information in its annual reports for the period ending March 31, 2011: sales of $1,593,952, costs of goods sold of $635,632.29, depreciation expenses of $175,000, and interest expenses of $89,575. Assume that the firm has a tax rate of 35 percent. What is the company's net income? Set up an income statement to answer the question. (Round answers to 2 decimal places, e.g. 15.25) Choose the correct one: Amount Revenues ______ Earnings before interest, taxes, depreciation, and amortization net income depreciation Cost of goods sold Earnings before interest and taxes Interest Earnings before taxes Taxes (35%)Choose One Earnings before interest, taxes, depreciation,and amortization _ net income depreciation Cost of goods sold Earnings before interest and taxes Interest Earnings before taxes Taxes (35%) Revenue Choose One Earnings before interest, taxes, depreciation,and amortization _ net income depreciation Cost of goods sold Earnings before interest and taxes Interest Earnings before taxes Taxes (35%) Revenue Choose One Earnings before interest, taxes, depreciation,and amortization _ net income depreciation Cost of goods sold Earnings before interest and taxes Interest Earnings before taxes Taxes (35%) Revenue CHoose One Earnings before interest, taxes, depreciation,and amortization _ net income depreciation Cost of goods sold Earnings before interest and taxes Interest Earnings before taxes Taxes (35%) Revenue Choose ONE Earnings before interest, taxes, depreciation,and amortization _ net income depreciation Cost of goods sold Earnings before interest and taxes Interest Earnings before taxes Taxes (35%) Revenue Choose one Earnings before interest, taxes, depreciation,and amortization _ net income depreciation Cost of goods sold Earnings before interest and taxes Interest Earnings before taxes Taxes (35%) Revenue Choose one Earnings before interest, taxes, depreciation,and amortization ___________ net income depreciation Cost of goods sold Earnings before interest and taxes Interest Earnings before taxes Taxes (35%) Revenue

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...

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Choose the correct one: Amount

Revenues ________________
Earnings before interest, taxes, depreciation, and amortization
net income
depreciation
Cost of goods sold
Earnings before interest and taxes
Interest
Earnings before taxes
Taxes (35%)Choose One
Earnings before interest, taxes, depreciation,and amortization _____________________
net income
depreciation
Cost of goods sold
Earnings before interest and taxes
Interest
Earnings before taxes
Taxes (35%)
Revenue

Choose One

Earnings before interest, taxes, depreciation,and amortization _____________________
net income
depreciation
Cost of goods sold
Earnings before interest and taxes
Interest
Earnings before taxes
Taxes (35%)
Revenue

Choose One

Earnings before interest, taxes, depreciation,and amortization _____________________
net income
depreciation
Cost of goods sold
Earnings before interest and taxes
Interest
Earnings before taxes
Taxes (35%)
Revenue

CHoose One

Earnings before interest, taxes, depreciation,and amortization _____________________
net income
depreciation
Cost of goods sold
Earnings before interest and taxes
Interest
Earnings before taxes
Taxes (35%)
Revenue

Choose ONE

Earnings before interest, taxes, depreciation,and amortization _____________________
net income
depreciation
Cost of goods sold
Earnings before interest and taxes
Interest
Earnings before taxes
Taxes (35%)
Revenue

Choose one

Earnings before interest, taxes, depreciation,and amortization _____________________
net income
depreciation
Cost of goods sold
Earnings before interest and taxes
Interest
Earnings before taxes
Taxes (35%)
Revenue

Choose one

Earnings before interest, taxes, depreciation,and amortization _____________________
net income
depreciation
Cost of goods sold
Earnings before interest and taxes
Interest
Earnings before taxes
Taxes (35%)
Revenue

___________________________

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