# Finance

Sammy's Shovels had sales of \$ 58,247 in 2010. The cost of goods sold was \$ 36,014 , operating expenses (excluding depreciation) were \$ 18,361 , interest expenses were \$ 2,198 , depreciation expense was \$ 7,821 , and dividends paid were \$ 3,228 . The firm's tax rate is 26 percent. What did Sammy's Shovels report as net income (or, net profit) in 2010?

Help me please. It doesn't matter which way I solve, I can not seem to get the correct answer. I need someone to show me how to do it.

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1. Net Profit = \$58,247-0.26*58,247-36014-
18361-2198-7821-3228 = \$-24,519.22

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posted by Henry

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