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Answer :
Final answer:
The net income for Grittin's Goot Farm is option e) $267,190.
Explanation:
To calculate the net income for Grittin's Goot Farm, we start with the sales and deduct the costs, depreciation expense, interest expense, and taxes. Sales: $694,000 - Costs: $265,000 - Depreciation: $51,000 - Interest: $31,000 = $346,000. Have a tax rate of 23 percent, we multiply the net income by 0.77 (1 - 0.23) to get the final net income. Net Income = $346,000 × 0.77 = $266,420. Therefore, the correct option is e. $267,190.
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