You are given the following information about Sandhill Plumbing Company. Revenues in 2017 totaled $ 917, depreciation expenses $ 85, costs of goods sold $ 399, and interest expenses $ 62. At the end of the year, current assets were $ 150 and current liabilities were $ 111. The company has an average tax rate of 34 percent. Calculate its net income by setting up an income statement. (Round answers to 2 decimal places, e.g. 15.25)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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You are given the following information about Sandhill Plumbing Company. Revenues in 2017 totaled $ 917, depreciation expenses $ 85, costs of goods sold $ 399, and interest expenses $ 62. At the end of the year, current assets were $ 150 and current liabilities were $ 111. The company has an average tax rate of 34 percent. Calculate its net income by setting up an income statement. (Round answers to 2 decimal places, e.g. 15.25)

Sandhill Plumbing Company
Income Statement
choose the accounting period  
    Amount
select an income statement item  
  $ enter a dollar amount
select an income statement item  
  enter a dollar amount
select a summarizing line for the first part  
  $ enter a total amount for the first part
select an income statement item  
  enter a dollar amount
select a summarizing line for the second part  
  $ enter a total amount for the second part
select an income statement item  
  enter a dollar amount
select a summarizing line for the third part  
  $ enter a total amount for the third part
select an income statement item  
  enter a dollar amount
select a closing name for this statement  
  $ enter a total net income or loss amount
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