During its first year correia merchandising had sales of

Reference no: EM13608582

During its first year, Correia Merchandising had sales of $350,000, a cost of goods sold of $180,000, and operating expenses (not including depreciation) of $100,000. The company estimates its income taxes expense will be approximately 35% of income before taxes. The company's equipment, all of which was purchased on June 1, cost $95,000, with an estimated residual or salvage value of $5,000, and a useful life of five years.Assuming that Correia Merchandising uses the straight-line depreciation method, calculate the company's total operating expenses for its first year ended May 31.

Reference no: EM13608582

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