Sammy's Shovels had sales of $55,926 in 2010. The cost of goods sold was $36,379,...
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Sammy's Shovels had sales of $55,926 in 2010. The cost of goods sold was $36,379, operating expenses (excluding depreciation) were $17,611, interest expenses were $3050, depreciation expense was $6,158, and dividends paid were $2,291. The firm's tax rate is 28 percent. What did Sammy's Shovels report as net income (or, net profit) in 2010? The correct answer is -5,236 but I don't know how to get there. Please help!
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