2022 Income Statement: Sales revenue Cost of goods sold Fixed Costs 600,000 240,000 50,000 Selling, General,...

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2022 Income Statement: Sales revenue Cost of goods sold Fixed Costs 600,000 240,000 50,000 Selling, General, and Admin Expenses 30,000 Depreciation 2021 Balance Sheet: 50,000 Assets Liabilities Cash 60,000 Notes Payable 30,000 Accounts Receivable 40,000 Accounts Payable 40,000 Inventories 20,000 Long-Term Debt 150,000 Fixed Assets 300,000 Owner's Equity Accumulated Depreciation 100,000 Retained Earnings 60,000 Intangible Assets 50,000 Common Stock 120,000 2022 Balance Sheet: Assets Liabilities Cash 80,000 Notes Payable 50,000 Accounts Receivable 50,000 Accounts Payable 40,000 Inventories 40,000 Long-Term Debt 180,000 Fixed Assets 400,000 Owner's Equity Accumulated Depreciation, 150,000 Retained Earnings ????? Intangible Assets 80,000 Common Stock 150,000 What is net income for 2022? Total interest paid in 2022 is $70,000 and the tax rate is 25%. 2022 Income Statement: Sales revenue Cost of goods sold Fixed Costs 600,000 240,000 50,000 Selling, General, and Admin Expenses 30,000 Depreciation 2021 Balance Sheet: 50,000 Assets Liabilities Cash 60,000 Notes Payable 30,000 Accounts Receivable 40,000 Accounts Payable 40,000 Inventories 20,000 Long-Term Debt 150,000 Fixed Assets 300,000 Owner's Equity Accumulated Depreciation 100,000 Retained Earnings 60,000 Intangible Assets 50,000 Common Stock 120,000 2022 Balance Sheet: Assets Liabilities Cash 80,000 Notes Payable 50,000 Accounts Receivable 50,000 Accounts Payable 40,000 Inventories 40,000 Long-Term Debt 180,000 Fixed Assets 400,000 Owner's Equity Accumulated Depreciation, 150,000 Retained Earnings ????? Intangible Assets 80,000 Common Stock 150,000 What is net income for 2022? Total interest paid in 2022 is $70,000 and the tax rate is 25%.

Answer rating: 100% (QA)

To calculate the net income for 2022 we need to subtract all expenses from the sales revenue Gi... View the full answer