Ferraro Corporation provided following financial information. 

Total Revenues for the year ended March 31, 2020, was $950,345. 

general and administrative expenses of $232,565 

depreciation expenses $105,075,

costs of goods sold $345,180,

interest expenses $55000. 

At the end of the year, current assets were $121,573 

current liabilities were $107,509. 

The company has an average tax rate of 25%. 

Calculate the net income for Ferraro Corporation by setting up an income statement.

Answer rating: 100% (QA)

Ferraro Corporation Income Statement Particulars Amount Total Revenue... View the full answer