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1. Centennial Brewery manufactured revenues of= $1,145,227 in 2008. It has expenses of= $812,640, depreciation of $131,335, and interest expense of= $81,112. It pays marginal tax rate of 34%. Compute firm's net income after taxes?

a. $120,140
b. $248,475
c. $79,292
d. $40,848

2) Triumph Trading Company given the information to its auditors. For year ended March 31, 2008, company had revenues of= $1,122,878, operating expenses of= $612,663, depreciation expenses of $231,415, leasing expenses of= $126,193, and interest expenses equal to $87,125. If company's tax rate was 34 %, compute its net income after taxes?

a. $43,218
b. $65,482
c. $152,607
d. none of the above

 

Accounting Basics, Accounting

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