During the year, the Senbet Discount Tire Company had gross sales of $895,000 million. The firm’s cost of goods sold and selling expenses were $461,000 and $215,000, respectively. Senbet also had notes payable of $685,000. These notes carried an interest rate of 4 percent. Depreciation was $108,000. Senbet’s tax rate was 21 percent. a. What was Senbet’s net income?

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Solution To calculate Senbets net income we need to first calculate t... View the full answer