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.

The answer is -4549

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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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