During the year, belyk paving co. had sales of $2,384,000. cost of goods sold, administrative and selling expenses, and depreciation expense were $1,441,000, $436,600, and $491,600, respectively. in addition, the company had an interest expense of $216,600 and a tax rate of 35 percent. (ignore any tax loss carryback or carryforward provisions.) (enter your answer as directed, but do not round intermediate calculations.)

Complete question :

During the year, belyk paving co. had sales of $2,384,000. cost of goods sold, administrative and selling expenses, and depreciation expense were $1,441,000, $436,600, and $491,600, respectively. in addition, the company had an interest expense of $216,600 and a tax rate of 35 percent. (ignore any tax loss carryback or carryforward provisions.) (enter your answer as directed, but do not round intermediate calculations.)

What is the company's net income?

($201,200)

Explanation:

Given the following :

Sales made = $2,384,000

Cost of goods sold = $1,441,000

Administrative and selling expenses = $436,600

Depreciation Expense = $491,600

Interest expense = $216,600

Tax rate = 35%

Gross profit : Sales made - cost of goods sold

Gross profit = (2,384,000 - 1,441,000) = $ 943,000

Expenses : (Depreciation Expense + Administrative and selling expense)

Expenses : ( $491,600 + $436,600) = $928,200

Operating income = Gross profit - expenses

Operating income = (943,000 - 928,200) = 14,800

Interest expense = $216,600

Net income = Operating income - interest expense

Net income = $14,800 - $216,600

Net income = - $201,200

Net income = $(201,200)

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answer; competency based pay;