Finance Question
Ferraro Corporation provided following financial information. Total Revenues for the year ended MaArch 31, 2020, was $950,345. general and administrative expenses of $232,565 depreciation expenses $105,075, costs of goods sold $345,180, and interest expenses $55000. At the end of the year, current assets were $121,573 and current liabilities were $107,509. The company has an average tax rate of 25%. Calculate the net income for Ferraro Corporation by setting up an income statement.
