course material

1. Calculate the net income for Ferraro Corporation by setting up
Finance QuestionFerraro 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.