You are given the following information about Sheridan Plumbing Company. Revenues in 2017 totaled $ 908, depreciation expenses $ 77, costs of goods sold $ 374, and interest expenses $ 71. At the end of the year, current assets were $ 136 and current liabilities were $ 117. 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) Sheridan Plumbing Company Income Statement
You are given the following information about Sheridan Plumbing Company. Revenues in 2017 totaled $ 908, depreciation expenses $ 77, costs of goods sold $ 374, and interest expenses $ 71. At the end of the year, current assets were $ 136 and current liabilities were $ 117. 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) Sheridan Plumbing Company Income Statement
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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You are given the following information about Sheridan Plumbing Company. Revenues in 2017 totaled $ 908, depreciation expenses $ 77, costs of goods sold $ 374, and interest expenses $ 71. At the end of the year, current assets were $ 136 and current liabilities were $ 117. 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)
Sheridan Plumbing Company
Income Statement
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