Emery Mining Inc. recently reported $130,000 of sales, $75,500 of operating costs other than depreciation, and $10,200
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Emery Mining Inc. recently reported $130,000 of sales, $75,500 of operating costs other than depreciation, and $10,200 of depreciation. The company had $16,500 of outstanding bonds that carry a 7.25% interest rate, and its federal-plus-state income tax rate was 35%. How much was the firm's net income? The firm uses the same depreciation expense for tax and stockholder reporting purposes. (Round your intermediate and final answers to two decimal places.)
a. $28,577.79
b. $24,935.52
c. $28,017.44
d. $29,138.14
e. $22,413.95
Related Book For
Cost Management Accounting and Control
ISBN: 978-0324559675
6th Edition
Authors: Don R. Hansen, Maryanne M. Mowen, Liming Guan
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