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Accounting

1) ABC Corporation produced revenues of $1,145,227 in 2009. It has expenses (excluding depreciation) of $812,640, depreciation of $131,335, and interest expense of $81,112. It pays the marginal tax rate of 34 percent. Compute the firm’s net income after taxes?

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

2) XYZ Company provided the information given below to its auditors. For the year ended March 31, 2009, company had revenues of $1,122,878, depreciation expenses of $231,415, operating expenses (excluding depreciation and leasing expenses) of $612,663, interest expenses equal to $87,125 and leasing expenses of $126,193. If company’s tax rate was 34 percent, find out its net income after taxes?

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

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M99637

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