Calculate the net income for Ferraro Corporation by setting up an income statement.
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.