Question
Income Statement You have been given the following information for Corky's Bedding Corp.: a. Net sales...
Income Statement You have been given the following information for Corky's Bedding Corp.: a. Net sales $11,250,000. b. Cost of goods sold $7,500,000. c. Other operating expenses= $250,000. d. Addition to retained earnings = $1,000,000. e. Dividends paid to preferred and common stockholders $495,000. r. Interest expense= $850,000 The firm's tax rate is 35 percent. Calculate the depreciation expense for Corky's Bedding Corp. (LG2-1) 2-21
Answers
CALCULATION OF THE DEPRECIATION EXPENSES Net Sales $ 1,12,50,000 Less: Cost of Goods Sold $ 75,00,000 Gross revenue $ 37,50,000 Less Other Operrating Expenses $ 2,50,000 Interest Expenses $ 8,50,000 Net income before tax plus Depreciation expenses $ 26,50,000 Less : Net income after taxes (Calculated as below) $ 23,00,000 Depreiation expenses $ 3,50,000 CALCULATION OF THE NET INCOME AFTER TAXES Addittion to retained earning $ 10,00,000 Dividens paid to pref & Common shareshhodler $ 4,95,000 This is Net income after tax $ 14,95,000 Add: Income Tax ($ 14,95,000/65)X35 $ 8,05,000 Net income Befor Taxes $ 23,00,000 Answer = Depreciation expenses = $ 350,000
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