What is the net income for the most recent fiscal year

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Reference no: EM132040189

Use the following information.

A company had the following operating results for the most recent fiscal year: sales = $61,000, operating expenses = $45,000, depreciation expense = $8,000, interest expense = $1,000, dividends paid = $1, 500.

At the beginning of the year, net fixed assets were $40,000, current assets were $10,000, and current liabilities were $7, 500.

At the end of the year, net fixed assets were $42,000, current assets were $15, 500, and current liabilities were $9,000. The tax rate for the fiscal year was 34%. What is the net income for the most recent fiscal year?

Reference no: EM132040189

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