XYZ Company has the following information for the year ended December 31, 2022: Revenue - $100,000 Cost of Goods Sold - $50,000 Operating Expenses - $20,000 Interest Expense - $5,000 Income Tax Expense - $10,000 Dividends Paid - $8,000 Calculate the net profit for the year ended December 31, 2022.

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...
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XYZ Company has the following information for the year ended December 31, 2022:

Revenue - $100,000

Cost of Goods Sold - $50,000

Operating Expenses - $20,000

Interest Expense - $5,000

Income Tax Expense - $10,000

Dividends Paid - $8,000

Calculate the net profit for the year ended December 31, 2022.

 

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