Douglas Fir Corp. had the following results for the past year: accounts receivable $8,400; sales $222,000;...

 

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Douglas Fir Corp. had the following results for the past year: accounts receivable $8,400; sales $222,000; depreciation expense $48,800; dividends paid $5,300; accounts payable $2,100; and cost of goods sold $124,000. If the firm faces a tax rate of 30 percent, what was the net income for the past year? Douglas Fir Corp. had the following results for the past year: accounts receivable $8,400; sales $222,000; depreciation expense $48,800; dividends paid $5,300; accounts payable $2,100; and cost of goods sold $124,000. If the firm faces a tax rate of 30 percent, what was the net income for the past year?

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