The Ivanhoe Company has disclosed the following financial information in its annual reports for the period ending March 31, 2017: sales of $1.70 million, cost of goods sold of $813,400, depreciation expenses of $175,000, and interest expenses of $89,575. Assume that the firm has an average tax rate of 35 percent. What is the company’s net income? Set up an income statement to answer the question. (Round answers to 2 decimal places, e. g. 15.25) Ivanhoe Company
Income Statement
choose the accounting period
For the period ended on March 31, 2017
Amount
select an income statement item
Revenues
$enter a dollar amount
1,700,000
select an income statement item
Cost of Goods Sold
enter a dollar amount
-813,400
select a summarizing line for the first part
Earnings Before Interest, Taxes, Depreciation, and Amortization
$enter a total amount for the first part
886,600
select an income statement item
Depreciation
enter a dollar amount
-175,000
select a summarizing line for the second part
Earnings Before Interest and Taxes
$enter a total amount for the second part
711,600
select an income statement item
Interest
enter a dollar amount
-89,575
select a summarizing line for the third part
Earnings Before Taxes
$enter a total amount for the third part
622,025
select an income statement item
Taxes
enter a dollar amount
-217.708.75
select a closing name for this statement
Net Income / (Loss)
$enter a total net income or loss amount
404,316.25